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Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June: June 1 (a) 11 20 Balance Purchased Purchased Cost of goods sold $ Ending inventory 460 units @ $1 1,210 units@ $2 740 units @ $3 $ Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. June 10 15 Sold 27 Sold (1) LIFO Sold $ 300 units @ $2.40 740 units@ $2.50 460 units@ $2.70 (2) FIFO

Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June: June 1 (a) 11 20 Balance Purchased Purchased Cost of goods sold $ Ending inventory 460 units @ $1 1,210 units@ $2 740 units @ $3 $ Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. June 10 15 Sold 27 Sold (1) LIFO Sold $ 300 units @ $2.40 740 units@ $2.50 460 units@ $2.70 (2) FIFO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June: June 1 (a) 11 20 Balance Purchased Purchased Cost of goods sold $ Ending inventory 460 units @ $1 1,210 units@ $2 740 units @ $3 $ June 10 (1) LIFO 15 27 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Sold $ Sold Sold 300 units @ $2.40 740 units @ $2.50 460 units@ $2.70 (2) FIFO
Transcribed Image Text:Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June: June 1 (a) 11 20 Balance Purchased Purchased Cost of goods sold $ Ending inventory 460 units @ $1 1,210 units@ $2 740 units @ $3 $ June 10 (1) LIFO 15 27 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. Sold $ Sold Sold 300 units @ $2.40 740 units @ $2.50 460 units@ $2.70 (2) FIFO
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