Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Date Transaction Units Cost/Unit
Fantastic news! We've Found the answer you've been seeking!
Question:
Nevens Company uses a periodic inventory system. During November, the following transactions occurred:
Date | Transaction | Units | Cost/Unit | |
November 1 | Balance | 500 | $3.50 | |
8 | Sale | 350 | ||
13 | Purchase | 300 | 4.00 | |
21 | Purchase | 200 | 5.00 | |
28 | Sale | 150 |
Required:
1. | Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions. If required, round your answers to the nearest dollar. |
- FIFO
Cost of Goods Sold $ Ending Inventory $ - LIFO
Cost of Goods Sold $ Ending Inventory $ - Average cost (In your computations, round per unit costs to the nearest cent.)
Cost of Goods Sold $ Ending Inventory $
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date: