Novak Corporation sells one product, with information for July as follows: July 1 (a) 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 100 units at $17.00 each 80 units at $19.00 each 150 units at $16.00 each. 120 units at $18.50 each 160 units at $17.00 each 100 units at $20.40 each Novak uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Assume Novak uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (Credit account titles are automatically
Novak Corporation sells one product, with information for July as follows: July 1 (a) 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 100 units at $17.00 each 80 units at $19.00 each 150 units at $16.00 each. 120 units at $18.50 each 160 units at $17.00 each 100 units at $20.40 each Novak uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales. Assume Novak uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (Credit account titles are automatically
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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11,please answer the following question, thanks
Transcribed Image Text:Date
>
>
>
>
>
Account Titles and Explanation
Debit
100
Credit
Transcribed Image Text:Novak Corporation sells one product, with information for July as follows:
July 1 Inventory
4
(a)
11
13
20
Sale
Purchase
Sale
Purchase
27 Sale
100 units at $17.00 each
80 units at $19.00 each
150 units at $16.00 each
120 units at $18.50 each
160 units at $17.00 each
100 units at $20.40 each
Novak uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.
Assume Novak uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record
cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for
the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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