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MGCR 331 207 Kimmel, Financial Accounting, Seventh Canadian Edition Practice Exercise 6-1 The Novak Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $92,000. The count included $7,600 of inventory held on consignment for a ocal designer: $550 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise; but was being held for alterations. There were two shipments of inventory received on second shipment cost $4,940, plus freight charges of $230. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments was and $900 of inventory that had been sold to customers September 1. The first shipment cost $5,500. It had been shipped on August 29, terms FOB destination. included in the August 31 count Calculate the correct cost of the inventory on August 31 Inventory cost s Question Atempts: 0 of 3 used SAVE FOR LATERSUBNIT