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On December 1, Novak Corp. has three DVD players left in stock. All are identical, all are priced to sell at $81. One of the three DVD players left in stock, with serial # 1012. was purchased on June 1 at a cost of $52. Another, with serial #1045, was purchased on November 1 for $49. The last player, serial #1056, was purchased on November 30 for $42. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Novak Corp. year-end. Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

On December 1, Novak Corp. has three DVD players left in stock. All are identical, all are priced to sell at $81. One of the three DVD players left in stock, with serial # 1012. was purchased on June 1 at a cost of $52. Another, with serial #1045, was purchased on November 1 for $49. The last player, serial #1056, was purchased on November 30 for $42. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Novak Corp. year-end. Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

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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On December 1, Novak Corp. has three DVD players left in stock. All are identical, all are priced to sell at $81. One of the three DVD players left in stock, with serial # 1012. was purchased on June 1 at a cost of $52. Another, with serial #1045, was purchased on November 1 for $49. The last player, serial #1056, was purchased on November 30 for $42. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Novak Corp. year-end. Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:On December 1, Novak Corp. has three DVD players left in stock. All are identical, all are priced to sell at $81. One of the three DVD players left in stock, with serial # 1012. was purchased on June 1 at a cost of $52. Another, with serial #1045, was purchased on November 1 for $49. The last player, serial #1056, was purchased on November 30 for $42. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Novak Corp. year-end. Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
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