Business, 05.04.2021 23:50 amberreid028

You have the following information for Novak Corp. for the month ended October 31, 2017. Novak Corp. uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price
Oct. 1 Beginning inventory 59 $24
Oct. 9 Purchase 110 26
Oct. 11 Sale 100 35
Oct. 17 Purchase 110 27
Oct. 22 Sale 64 40
Oct. 25 Purchase 63 29
Oct. 29 Sale 104 40

Required:
a. Calculate the weighted-average cost.
b. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

1. LIFO.
2. FIFO.
3. Average-cost.

Answers: 3

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You have the following information for Novak Corp. for the month ended October 31, 2017. Novak Corp....

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