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Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Transaction Units Cost/Unit Date Novembe r1 8 13 21 28 Required: 1. FIFO Balance LIFO Sale Purchase Purchase Sale Cost of Goods Sold $ Ending Inventory $ 500 $3.50 Cost of Goods Sold $ Ending Inventory Ś 350 300 4.00 200 5.00 Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions. If required, round your answers to the nearest dollar. 150 Average cost (In your computations, round per unit costs to the nearest cent.) Cost of Goods Sold $ Ending Inventory $

Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Transaction Units Cost/Unit Date Novembe r1 8 13 21 28 Required: 1. FIFO Balance LIFO Sale Purchase Purchase Sale Cost of Goods Sold $ Ending Inventory $ 500 $3.50 Cost of Goods Sold $ Ending Inventory Ś 350 300 4.00 200 5.00 Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions. If required, round your answers to the nearest dollar. 150 Average cost (In your computations, round per unit costs to the nearest cent.) Cost of Goods Sold $ Ending Inventory $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Transaction Units Cost/Unit Date Novembe r1 8 13 21 28 Required: 1. FIFO Balance LIFO Sale Purchase Purchase Sale Cost of Goods Sold $ Ending Inventory $ 500 $3.50 Cost of Goods Sold $ Ending Inventory $ 350 300 4.00 200 5.00 Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions. If required, round your answers to the nearest dollar. 150 Average cost (In your computations, round per unit costs to the nearest cent.) Cost of Goods Sold $ Ending Inventory $
Transcribed Image Text:Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Transaction Units Cost/Unit Date Novembe r1 8 13 21 28 Required: 1. FIFO Balance LIFO Sale Purchase Purchase Sale Cost of Goods Sold $ Ending Inventory $ 500 $3.50 Cost of Goods Sold $ Ending Inventory $ 350 300 4.00 200 5.00 Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions. If required, round your answers to the nearest dollar. 150 Average cost (In your computations, round per unit costs to the nearest cent.) Cost of Goods Sold $ Ending Inventory $
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