Question 2 Novak Corp. took a physical inventory on December 31 and determined that goods costing $ 201,500 were on hand. Not included in the physical count were $26,000 of goods purchased from Crane Company, FOB, shipping point, and $20,500 of goods sold to Nash's Trading Post, LLC for $32,000, FOB destination. Both the Crane purchase and the Nash sale were in transit at year-end. What amount should Novak report as its December 31 inventory? Ending Inventory $