Date Transaction Units Cost/Unit November 1 Balance 500 $3.50 8 Sale 350 13 Purchase 300 4.00 21 Purchase 200 5.00 28 Sale 150
Nevens Company uses a periodic inventory system. During November, the following transactions occurred:
1. Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions: a. FIFO b. LIFO c. Average cost 2. Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial statements?
![Date
Transaction
Units
Cost/Unit
November
1
Balance
500
$3.50
8
Sale
350
13
Purchase
300
4.00
21
Purchase
200
5.00
28
Sale
150](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F99a5ace2-917e-46c3-8a36-40aa384dfb16%2F0e9ad44b-4007-4147-a112-69cfec11e8f7%2Fux96tgh_processed.png&w=3840&q=75)
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