Novak Corp. just began business and made the following four inventory purchases in June:June 1189 units$1134June 10252 units1764June 15252 units2016June 28189 units1701$6615A physical count of merchandise inventory on June 30 reveals that there are 252 units on hand. Using the FIFO inventory method, theamount allocated to ending inventory for June is$1575.$2205.$2268.$1513.O O

Fifo is short for first in first out. it means the element which is inserted into the structure…

Answered: Novak Corp. just began business and ma…

Business

Accounting

Novak Corp. just began business and ma June 1 189 units $1134 June 10 252 units 1764

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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Question

Novak Corp. just began business and made the following four inventory purchases in June:
June 1
189 units
$1134
June 10
252 units
1764
June 15
252 units
2016
June 28
189 units
1701
$6615
A physical count of merchandise inventory on June 30 reveals that there are 252 units on hand. Using the FIFO inventory method, the
amount allocated to ending inventory for June is
$1575.
$2205.
$2268.
$1513.
O O

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7
A 92. Subject:- accounting
27-28