View Policies Current Attempt in Progress Novak Corp. took a physical inventory on December 31 and determined that goods costing $205,000 were on hand. Not included in the physical count were $23,600 of goods purchased from Pelzer Corporation, FOB shipping point and $21,200 of goods sold to Alvarez Company for $29,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end, What amount should Novak report as its December 31 Inventory? Inventory, December 31 $