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Novak Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year. Feb. 20 May 5 585 units 475 units at at $10 $11 Aug. 12 Dec. 8 405 units 95 units at at Novak Corp. uses a periodic inventory system. Sales totaled 1,435 units. $12 $13

Novak Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year. Feb. 20 May 5 585 units 475 units at at $10 $11 Aug. 12 Dec. 8 405 units 95 units at at Novak Corp. uses a periodic inventory system. Sales totaled 1,435 units. $12 $13

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 Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 May 5 585 units at 475 units at $10 $11 Aug. 12 Dec. 8 405 units 95 units at at Novak Corp. uses a periodic inventory system. Sales totaled 1,435 units. $12 $13
Transcribed Image Text:Novak Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 May 5 585 units at 475 units at $10 $11 Aug. 12 Dec. 8 405 units 95 units at at Novak Corp. uses a periodic inventory system. Sales totaled 1,435 units. $12 $13
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory $ The cost of goods sold $ FIFO 2375 15695 LIFO 1900 16170 $ $ AVERAGE-COST 2449 15621
Transcribed Image Text:Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory $ The cost of goods sold $ FIFO 2375 15695 LIFO 1900 16170 $ $ AVERAGE-COST 2449 15621
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