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[The following information applies to the questions displayed below.] During 2018, Noval Company sells 244 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018.
Date
Transaction
Number of Units
Unit Cost
Total Cost
Jan. 1
Beginning inventory
57
$70
$
3,990
Apr. 7
Purchase
177
72
12,744
Oct. 9
Purchase
77
74
5,698
311
$
22,432
Required:
1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system. (Input all values as positive values.)
LIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Number of Units
Unit Cost
Total Cost
Number of Units
Unit Cost
Total Cost
Number of Units
Unit Cost
Total Cost
Beginning Inventory
Purchases:
Apr 07
Oct 09
Total
0
$0
0
$0
0
$0
Sales revenue
Gross profit
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