Brief Exercise 8-06

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Novak Company uses a periodic inventory system. For April, when the company sold450units, the following information is available.

Units

Unit Cost

Total Cost

April 1 inventory

320$35$11,200April 15 purchase

4304218,060April 23 purchase

250

4611,500

1,000

$40,760

Compute the April 30 inventory and the April cost of goods sold using the LIFO method.

Ending inventory

$enter a dollar amount

Cost of goods sold

$enter a dollar amount