Question: Please provide detailed explanation, include excel file. Thanks! E7-11 Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the fol- LO 7.5

Please provide detailed explanation, include excel file. Thanks!

E7-11 Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the fol- LO 7.5 lowing transactions occurred: Date Transaction Units Cost/Unit November Balance 500 $3.50 8 Sale 350 D 13 Purchase 300 4.00 21 Purchase 200 5.00 SHOW 28 Sale 150 ME HOW Required: 1. Compute the cost of goods sold for November and the inventory at the end of November for each of the fol- lowing cost flow assumptions: a. FIFO b. LIFO c. Average cost 2. Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial statements

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