Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, thecompany had the following purchases and sales of tents:DateApr. 3(a)10172430(b)Your AnswerUnits Unit CostPurchases204290Cost of goods soldGross profitEnding inventory $$Correct Answer (Used)Your answer is incorrect.Gross profit marginSave for Later$276Determine the cost of goods sold and the cost of the ending inventory using FIFO.28719$eTextbook and MediaUnits78244202SalesUnit Price$393Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimalplace, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.)137,90239334,15339396Attempts: 2 of 3 usedSubmit Answer

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Description: Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. Dur

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Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 10 17 24 (a) 30 Purchases Units Unit Cost Your Answer (b) 204 290 Cost of goods sold $ Ending inventory $ $276 287 Your answer is incorrect. Gross profit Gross profit margin eTextbook and Media Units 78 244 Correct Answer (Used) Determine the cost of goods sold and the cost of the ending inventory using FIFO. 202 Sales Unit Price $393 137,902 393 34,153 393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) %

Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 10 17 24 (a) 30 Purchases Units Unit Cost Your Answer (b) 204 290 Cost of goods sold $ Ending inventory $ $276 287 Your answer is incorrect. Gross profit Gross profit margin eTextbook and Media Units 78 244 Correct Answer (Used) Determine the cost of goods sold and the cost of the ending inventory using FIFO. 202 Sales Unit Price $393 137,902 393 34,153 393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) %

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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