FIFO During 2024, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory purchase transactions for 2024. Date January 1 April 7 October 9 Total Beginning Inventory Purchases: April 07 October 09 Transaction Beginning inventory Purchase Purchase Number of Units 70 2. To comply with IFRS, the company decides to instead account for inventory using FIFO. Calculate ending inventory, cost of goods sold, and gross profit for 2024. (Input all values as positive values.) Cost of Goods Available for Sale Number of Units Total Cost Unit Cost 190 90 350 Unit Cost $83 85 87 Total Cost $5,810 16,150 7,830 $29,790 Cost of Goods Sold Unit Cost Number of Units Total Cost Ending Inventory Unit Cost Number of Units Total Cost
FIFO During 2024, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory purchase transactions for 2024. Date January 1 April 7 October 9 Total Beginning Inventory Purchases: April 07 October 09 Transaction Beginning inventory Purchase Purchase Number of Units 70 2. To comply with IFRS, the company decides to instead account for inventory using FIFO. Calculate ending inventory, cost of goods sold, and gross profit for 2024. (Input all values as positive values.) Cost of Goods Available for Sale Number of Units Total Cost Unit Cost 190 90 350 Unit Cost $83 85 87 Total Cost $5,810 16,150 7,830 $29,790 Cost of Goods Sold Unit Cost Number of Units Total Cost Ending Inventory Unit Cost Number of Units Total Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![FIFO
[The following information applies to the questions displayed below.]
During 2024, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory
purchase transactions for 2024.
Date
January 1
April 7
October 9
Total
Beginning Inventory
Purchases:
April 07
October 09
Transaction
Beginning inventory
Purchase
Purchase
2. To comply with IFRS, the company decides to instead account for inventory using FIFO. Calculate ending inventory, cost of goods
sold, and gross profit for 2024. (Input all values as positive values.)
Sales revenue
Gross profit
Number of Unit
Cost
$83
85
87
Units
70
190
90
350
Unit
Cost
Cost of Goods Available for Sale
Number of
Units
Total Cost
Total
Cost
$5,810
16,150
7,830
$29,790
Cost of Goods Sold
Unit
Cost
Number of
Units
Total Cost
Ending Inventory
Unit
Cost
Number of
Units
Total Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3bcb37db-7c85-47bb-a190-afcc0c785246%2F58a05bbe-f733-488c-95c3-6d9b29677650%2Fkjsyo1x_processed.png&w=3840&q=75)
Transcribed Image Text:FIFO
[The following information applies to the questions displayed below.]
During 2024, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory
purchase transactions for 2024.
Date
January 1
April 7
October 9
Total
Beginning Inventory
Purchases:
April 07
October 09
Transaction
Beginning inventory
Purchase
Purchase
2. To comply with IFRS, the company decides to instead account for inventory using FIFO. Calculate ending inventory, cost of goods
sold, and gross profit for 2024. (Input all values as positive values.)
Sales revenue
Gross profit
Number of Unit
Cost
$83
85
87
Units
70
190
90
350
Unit
Cost
Cost of Goods Available for Sale
Number of
Units
Total Cost
Total
Cost
$5,810
16,150
7,830
$29,790
Cost of Goods Sold
Unit
Cost
Number of
Units
Total Cost
Ending Inventory
Unit
Cost
Number of
Units
Total Cost
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