Novak Inc. uses a perpetual inventory system. Its records show the following for the month of...
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Novak Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 27 $7 $189 May 15 Purchase 26 8 208 May 18 Sale (46 ) May 24 Purchase 40 9 360 Total 47 $757 Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, eg. 15.235 in your calculations and round final answers to 2 decimal places, eg 5.25.) Cost of goods sold %$4 Ending Inventory $4 Novak Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 27 $7 $189 May 15 Purchase 26 8 208 May 18 Sale (46 ) May 24 Purchase 40 9 360 Total 47 $757 Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, eg. 15.235 in your calculations and round final answers to 2 decimal places, eg 5.25.) Cost of goods sold %$4 Ending Inventory $4
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