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Hello. Please assist with finding Cost of Goods Sold and Inventory for January 13 and 27 on question C. Exercise 8-9 (Part Level Submission) Novak
Hello. Please assist with finding Cost of Goods Sold and Inventory for January 13 and 27 on question C.
Exercise 8-9 (Part Level Submission) Novak Company sells one product. Presented below is information for January for Novak Company. Jan. 1 Inventory 4 Sale 11 13 Sale 20 27 Sale 103 units at $5 each 82 units at $8 each 135 units at $7 each 102 units at $9 each 167 units at $7 each 108 units at $11 each Purchase Purchase Novak uses the FIFO cost flow assumption. All purchases and sales are on account. (a) / Your answer is partially correct. Try again Assume Novak uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units.(If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 656 Sales Revenue 656 | Jan. 11 | |Purchases 945
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