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You have the following information for Novak Corp. for the month ended October 31, 2022. Novak Corp. uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory 59 Purchase Sale Purchase Sale Purchase Units Unit Cost or Selling Price $24 Sale 110 100 110 64 63 104 26 35 27 40 29 40

You have the following information for Novak Corp. for the month ended October 31, 2022. Novak Corp. uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory 59 Purchase Sale Purchase Sale Purchase Units Unit Cost or Selling Price $24 Sale 110 100 110 64 63 104 26 35 27 40 29 40

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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You have the following information for Novak Corp. for the month ended October 31, 2022. Novak Corp. uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct, 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 59 110 100 110 64 63 104 Unit Cost or Selling Price $24 26 35 27 40 29 40
Transcribed Image Text:You have the following information for Novak Corp. for the month ended October 31, 2022. Novak Corp. uses a periodic method for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct, 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 59 110 100 110 64 63 104 Unit Cost or Selling Price $24 26 35 27 40 29 40
(a1) (a3) Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $ eTextbook and Media List of Accounts Save for Later Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory $ The cost of goods sold $ Gross profit $ Gross profit rate (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) Truthanks and Madin LIFO Calculate gross profit rate under each of the following methods. LIFO $ % $ $ FIFO FIFO 4930 % $ $ $ AVERAGE-COST AVERAGE-COST Attempts: 0 %
Transcribed Image Text:(a1) (a3) Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $ eTextbook and Media List of Accounts Save for Later Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) The ending inventory $ The cost of goods sold $ Gross profit $ Gross profit rate (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%) Truthanks and Madin LIFO Calculate gross profit rate under each of the following methods. LIFO $ % $ $ FIFO FIFO 4930 % $ $ $ AVERAGE-COST AVERAGE-COST Attempts: 0 %
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