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Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Unit Cost $68 Date Aug.
Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Unit Cost $68 Date Aug. 2 3 10 15 Total Cost $17,476 51,000 100 Explanation Purchases Purchases Sales Purchases Sales Units 257 510 (310) 888 (337) Balance in Units 257 767 457 1,345 1,008 122 108,336 25 Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $ Ending inventory $ Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 5,125.) Cost of goods sold $ Ending inventory $ $
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