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During 2024, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory purchase transactions for 2024. Number of Unit
During 2024, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory purchase transactions for 2024. Number of Unit Total Date January 1 April 7 Transaction, Beginning inventory Units: Cost Cost 70 $83 $5,810 Purchase 190 85 16,150 October 9. Purchase 90 87 7,830 350 $29,790 quired: Calculate ending inventory, cost of goods sold, and gross profit for 2024, assuming the company uses LIFO with a periodic inventory stem. (Input all values as positive values.) Cost of Goods Available for Sale Cost of Goods Sold LIFO Number of Units Unit Total Number of Unit Total Cost Cost Cost Units Cost Number of Units Ending Inventory Unit Total Cost Cost Beginning Inventory Purchases: April 07 October 09 Total 0 $ 0 0 $ 0 0 $ 0 Sales revenue Gross profit During 2024, Noval Company sells 270 units of inventory for $100 each. The company has the following inventory purchase transactions for 2024. Number of Unit Total Date January 1 April 7 Transaction Units Cost Cost Beginning inventory Purchase 70 $83 $5,810 190 85 16,150 October 9 Purchase 90 87 7,830 350 $29,790 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 2024. (Input all values as positive values.) FIFO Cost of Goods Available for Sale Cost of Goods Sold Number of Unit Total Cost Units Cost Number of Units Unit Total Cost Cost Number of Units Ending Inventory Unit Cost Total Cost Beginning Inventory Purchases: April 07 October 09 Total 0 $ 0 $ 0 0 $ 0 Sales revenue Gross profit
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