CALCULATOR PRINTER VERSION BACK NEXT Question 6 Farley Bains, an auditor with Nolls CPAs, is performing a review of Novak Corp.'s Inventory account. Novak did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $701,150. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g. -45 or parentheses e.g. (45).) Ending inventory-as reported 1. Included in the company's count were goods with a cost of $241,110 that the company is holding on consignment. The goods belong to Nader Corporation 2. The physical count did not include goods purchased by Novak with a cost of $37,600 that were shipped FOB shipping point on December 28 and did not arrive at Novak's warehouse until January 3. 3. Included in the Inventory account was $18,580 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year