Novak Limited is trying to determine the value of its ending inventory as of February 28, 2019, the companys year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount.

(a) On February 26, Novak shipped goods costing $2,880 to a customer and charged the customer $3,600. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2.

IncludedNot Included $________

(b) On February 26, Louis Inc. shipped goods to Novak under terms FOB shipping point. The invoice price was $650 plus $30 for freight. The receiving report indicates that the goods were received by Novak on March 2.

IncludedNot Included $_______

(c) Novak had $740 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested that the goods be shipped on March 10.

IncludedNot Included $________

(d) Also included in Novaks warehouse is $710 of inventory that Ryhn Producers shipped to Novak on consignment.

IncludedNot Included $_______

(e) On February 26, Novak issued a purchase order to acquire goods costing $1,060. The goods were shipped with terms FOB destination on February 27. Novak received the goods on March 2.

IncludedNot Included $_______

(f) On February 26, Novak shipped goods to a customer under terms FOB destination. The invoice price was $410; the cost of the items was $240. The receiving report indicates that the goods were received by the customer on March 2.

IncludedNot Included $________

(g) Novak had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $650, and Novak had expected to sell these items for $740.

IncludedNot Included $________