Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:Total Cost$24,000Aug. 2(a)Date(b)3101525Explanation Units Unit Cost/Price300PurchasesPurchasesSalesPurchasesSalesCost of goods sold $Ending inventory600(350)950(330)$$BO11016013019066,000123,500Calculate the cost of goods sold and ending inventory using average cost. (Round average cost per unit to 2 decimal places,e.g. 1.25 and final answers to 0 decimal places, e.g. 5,125.)Balance in Units3009005501,5001,170

Under the weighted average model, the cost of the goods that are available for sale divided by the…

Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Explanation Units Unit Cost/Price Purchases 300 Purchases 600 Sales (350) 950 (330) Date Aug 2 3 (a) (b) 10 15 25 Purchases Sales Total Cost Balance in Units 300 Cost of goods sold $ Ending inventory $ $80 110 160 130 123.500 190 $24,000 66,000 900 550 1.500 1,170 Calculate the cost of goods sold and ending inventory using average cost. (Round average cost per unit to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 5,125.)

Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Explanation Units Unit Cost/Price Purchases 300 Purchases 600 Sales (350) 950 (330) Date Aug 2 3 (a) (b) 10 15 25 Purchases Sales Total Cost Balance in Units 300 Cost of goods sold $ Ending inventory $ $80 110 160 130 123.500 190 $24,000 66,000 900 550 1.500 1,170 Calculate the cost of goods sold and ending inventory using average cost. (Round average cost per unit to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 5,125.)

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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