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Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost
Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug 2 Purchases 257 $68 $17,476 257 3 Purchases 510 100 51,000 767 233 10 Sales (310) 457 15 Purchases 888 122 108,336 1,345 25 Sales (337) 1,008 Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit to 2 decimal places, eg. 1.25. Round intermediate and final answers to O decimal places, eg. 5.125) Cost of goods sold $ 69122 Ending inventory $ 107695
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