In fiscal 2020, Novak Realty Corporation purchased unimproved land for $57,500. The land was improved and subdivided into building lots at an additional cost of $36,400. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: No. of Price per Group Lots Lot 1 8 $3,430 2 18 4,400 3 21 2,490 Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows: Group 1 5 lots Group 2 6 lots Group 3 3 lots Determine the year-end inventory and net income of Novak Realty Corporation. Ignore income taxes. (Round computations to 2 decimal places, e.g. 52.75 and final answers to O decimal places. e.g. 5,275.) Year-end inventory Net income/(Loss) $