Novak Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The following information is given to you. (PLEASE HELP ME SOLVE BOTH THE INVENTORY AND THE ADJUSTING ENTRIES. FOR THE ENTRIES, PLEASE USE THE LIST OF ACCOUNTS FOR THE TITLE AND THE EXPLANATION SECTION. PLEASE FOLLOW THE EXACT CHART FORMAT BECAUSE THIS IS THE INTERNET ASSIGNMENT. THANK YOU.)

1.		Novak uses the periodic method of recording inventory. A physical count reveals $352,335 of inventory on hand at December 31, 2017.
2.		Not included in the physical count of inventory is $20,130 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31.
3.		Included in inventory is merchandise sold to Champy on December 30, f.o.b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $19,200 on December 31. The merchandise cost $11,025, and Champy received it on January 3.
4.		Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $23,445. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded.
5.		Not included in inventory is $12,810 of merchandise purchased from Glowser Industries. This merchandise was received on December 31 after the inventory had been counted. The invoice was received and recorded on December 30.
6.		Included in inventory was $15,657 of inventory held by Novak on consignment from Jackel Industries.
7.		Included in inventory is merchandise sold to Kemp f.o.b. shipping point. This merchandise was shipped on December 31 after it was counted. The invoice was prepared and recorded as a sale for $28,350 on December 31. The cost of this merchandise was $15,780, and Kemp received the merchandise on January 5.
8.		Excluded from inventory was a carton labeled Please accept for credit. This carton contains merchandise costing $2,250 which had been sold to a customer for $3,900. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Novak will honor the return.

Prepare any correcting entries to adjust inventory to its proper amount at December 31, 2017. Assume the books have not been closed

LIST OF ACCOUNTS

Accounts Payable Accounts Receivable Allowance to Reduce Inventory to LIFO Cash Cost of Goods Sold Finished Goods Inventory Inventory No Entry Prepaid Insurance Purchases Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Raw Materials Inventory Sales Returns and Allowances Sales Revenue Withholding Taxes Payable Work-in-Process

Exercise 8-5 Novak Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The following information is given to you 1. Novak uses the periodic method of recording inventory. A physical count reveals $352,335 of inventory on hand at December 31, 2017 2. Not included in the physical count of inventory is $20,130 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping 3. Included in inventory is merchandise sold to Champy on December 30, f.o.b. destination. This merchandise was shipped after it was counted. The invoice was 4. Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $23,445. The merchandise was shipped f.o.b. destination. The 5. Not included in inventory is $12,810 of merchandise purchased from Glowser Industries. This merchandise was received on December 31 after the inventory had been 6. Included in inventory was $15,657 of inventory held by Novak on consignment from Jackel Industries point on December 29 and arrived in January. The invoice arrived and was recorded on December 31 prepared and recorded as a sale on account for $19,200 on December 31. The merchandise cost $11,025, and Champy received it on January 3 invoice, which has not yet arrived, has not been recorded counted. The invoice was received and recorded on December 30 7. Included in inventory is merchandise sold to Kemp f.o.b. shipping point. This merchandise was shipped on December 31 after it was counted. The invoice was prepared and recorded as a sale for $28,350 on December 31. The cost of this merchandise was $15,780, and Kemp received the merchandise on January 5 8. Excluded from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing $2,250 which had been sold to a customer for $3,900. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Novak will honor the return Determine the proper inventory balance for Novak Company at December 31, 2017 Inventory balance as on December 31, 2017