During 2015, Noval Company sells 242 units of inventory for $100 each. The company has the following inventory purchase transactions for 2015.

Date

Transaction

Number of Units

Unit Cost

Total Cost

Jan. 1

Beginning inventory

56

$69

$

3,864

Apr. 7

Purchase

176

71

12,496

Oct. 9

Purchase

76

73

5,548

308

$

21,908

1.

Calculate ending inventory, cost of goods sold, and gross profit for 2015, assuming the company uses LIFO with a periodic inventory system. Find the Sales revenue and Gross Profit

2.

To comply with IFRS, the company decides to instead account for inventory using FIFO. Calculate ending inventory, cost of goods sold, and gross profit for 2015. Find the Sales Revenue and Gross Profit

3.	What would be the effects in the companys income statement and balance sheet of using FIFO instead of LIFO to account for inventory. FIFO will result in ____ income. FIFO will result in ____ assets