Solution-Compute the cost of goods sold for november

Compute the cost of goods sold for november

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Reference no: EM132882749

Problem - Alternative Inventory Methods - Nevens Company uses a periodic inventory system. During November, the following transactions occurred:

Date	Transaction	Units	Cost/Unit
November 1	Balance	500	$3.50
November 8	Sale	350
November 13	Purchase	300	4.00
November 21	Purchase	200	5.00
November 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:

a. FIFO

b. LIFO

c. Average cost

2. What can you conclude about the effects of the inventory cost flow assumptions on the financial statements?

Reference no: EM132882749

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Compute the cost of goods sold for november

Reference no: EM132882749

Reference no: EM132882749

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