WebExpert Answer. Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1. (1) Novak purchased $67,000 of inventory, terms 2/10, 1/30, FOB shipping point (2) Novak paid freight costs of $1,250. WebThe merchandise was returned to inventory for future resale. Paid the amount due to Ayayai in full. 1. 2. 3. a 7 8 30 The cost of the merchandise sold on April 3 was $18,270. Ayayai expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,300. Ayayai uses a periodic inventory system.
Novak Corp. uses the periodic inventory system and reports the ...
WebAssuming there are 210 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Novak Corp. uses a periodic inventory system. The Ending Inventory: WebOct 13, 2024 · Business College answered • expert verified Flounder Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units … mellow hair design
Exercise-8 (FIFO and LIFO under periodic and perpetual system)
WebSep 7, 2024 · (1) If Breeze Trading Company uses periodic inventory method: Ending inventory in units = Beginning inventory + Purchases – Sales = 600 units + 2,600 units – 2,000 units = 1,200 units. a. FIFO method: i. Cost of ending inventory under periodic-FIFO. ii. Cost of goods sold under periodic-FIFO: OR. iii. Gross profit under periodic-FIFO: * (b ... WebQuestion: Exercise 6-06 Novak Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 143 units were sold. Unit Units Cost Total Cost 66 May 1 15 Inventory Purchases Purchases $15 18 55 77 $990 990 1,463 $3,443 19 24 198 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO … WebNovak Corp. uses the periodic inventory system and reports the following for the month of June. Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. … mellow habanero hot sauce