Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $\backslash (\backslash$$ $\backslash )$ Ending inventory $\backslash (\backslash$$ $\backslash )$Novak Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:

Calculate the cost of goods sold and ending inventory using FIFO.

Cost of goods sold $

Ending inventory $

eTextbook and Media

Calculate the cost of goods sold and ending inventory using average cost. $($Round average cost per unit to $2$ decimal places, e$.$g$.1\mathrm{.}25$

and final answers to $0$ decimal places, e$.$g$.5,125.)$

Cost of goods sold $

Ending inventory $

eTextbook and Media

Calculate the gross profit for the month of August.

FIFO

Gross profit

Average Cost

$