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Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Ending inventory 320 430 250 1,000 $ Unit Cost Cost of goods sold $ $35 42 46 Total Cost Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 16663.50 6146.50 $11,200 18,060 11,500 $40,760

Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Ending inventory 320 430 250 1,000 $ Unit Cost Cost of goods sold $ $35 42 46 Total Cost Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 16663.50 6146.50 $11,200 18,060 11,500 $40,760

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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Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 320 430 250 1,000 $ Unit Cost $ $35 42 46 Total Cost Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 16663.50 $ 11,200 6146.50 18,060 11,500 $40,760
Transcribed Image Text:Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 320 430 250 1,000 $ Unit Cost $ $35 42 46 Total Cost Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 16663.50 $ 11,200 6146.50 18,060 11,500 $40,760
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