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Novak Ltd, uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Explanation Units Unit Cost/Price Total Cost June 1 Beginning inventory 1.370 $5 $6,850 12 Purchases 2,380 6 14,280 15 Sale (2,610) 12 16 Purchases 4,480 7 31,360 23 Purchases 1.600 8 12,800 27 Sales (5,520) 15 Quest Determine the cost of goods sold and the cost of the ending inventoring (and cont derage cost per unit and answers to 2 decimal places, 1.253 Question 10 FIFO Average Cost of goods sold 517 $ 5337215 Question 11 NI Cost of ending Inventory S 13500 $ 1191035 Question 12 Viewing Question Question Calculate the grom profit for the month of one leg to FIFO and (2) average cout. (Round everese nel answers to decimat places, 5.1.25. Do not round Intermediate calculations) Questions FIFO Average Cost Question Gross profits Quest 17 Question Which cost formula results in the higher cost of goods sold? Why? Question 10 The FIFO cost formularesults in a higher cost of goods sold because the cost of inventory is free Question 11 Question 12 Which cost formularesults in the higher net income Why! Viewing Question to The weap cost formula results in a highernet Income because it produces the cost of goods told when prices Question 10 Question 15 Which cost formularesults in the higher ending inventory? Why? Questions The FIFO cost formula results in a higher ending inventory because the cost of inventory is one Question Question 18 wysing Which cost formula results in the higher cash flow? Why? FIFO cost formula results in the higher cash flow. The cost formulas change the pre-tax cash flows of a company Attempts:0 of 1 used Submit Answer Save for Later Mchool