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Novak Limited is trying to determine the value of its ending inventory as of February 28, 2022, the company's year-end. The accountant counted everything that

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Novak Limited is trying to determine the value of its ending inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $56,500. However, she didn't know how to treat the following transactions so she didn't record them. 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 to a customer goods costing $2,880. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2 $ > (b) On February 26, Martine Inc shipped goods to Novak FOB destination. The invoice price was $650 plus $30 for freight The receiving report indicates that the goods were received by Novak on March 2 $ Novak had $740 of inventory at a customer's warehouse on approval." The customer was going to let Novak know whether it wanted the merchandise by the end of the week, March 4. (d) Novak also had $710 of inventory at a Belle craft shop, on consignment from Novak (6) On February 26, Novak ordered goods costing $1,060. The goods were shipped FOB shipping point on February 27. Novak received the goods on March 1. On February 28, Novak packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $650 plus $30 for freight the cost of the items was $240. The receiving report indicates that the goods were received by the customer on March 2 (g) Novak had damaged goods set aside in the warehouse because they are no longer saleable. These goods originally cost $650 and originally. Novak expected to sell these items for $740

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