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Please help im stuck on these 1. Following is a random list of accounts with normal balances for the Nova Company as of December 31,
Please help im stuck on these
1. Following is a random list of accounts with normal balances for the Nova Company as of December 31, 2009. All adjusting entries have been made. Closing entries have not been made. Based on the information given below, prepare a multi-step income statement for Nova Company for the year ended December 31, 2009. The inventory as of January 1, and December 31, 2009 were $24,000 and $28,000, respectively. You must prepare the complete multi-step Income Statement using the perpetual method. At the bottom of the form, prepare the Cost of Goods Sold section of the income statement using the periodic method. A Sales discounts Supplies expense Salary expense Interest expense Sales revenue Cost of Goods Sold Insurance expense Net purchases Sales retums and allowances Depreciation expense-building. Depreciation expense - equipment Utilities expense Delivery expense interest revenue $18,000 9.00d 23,000 6.000 285,000 156.000 21,000 160.000 3,000 8.000 8,000 8.000 7,000 14.000 Perpetual Inventory System (Complete Multi-step Income Statement) Income Statement Periodic Inventory System (Cost of Goods Sold Section Only S 8 10 Sales 18 Sales 1. During April, Wiggins Company sold 900 units of Product X for $10 per unit. Its beginning inventory, purchases, and sales during the month were as follows: April 1 Beginning Inventory 200 units @ $1 Purchases 200 units @ $2 300 units Purchases 200 units @ $3 15 Purchases 200 units @ $4 300 units 20 Purchases 200 units @ $5 25 Purchases 200 units @ $6 28 Sales 300 units Compute the proper cost to be assigned to ending inventory, cost of goods sold, and gross profit under each of these methods using the periodic system: @ Average cost, (b) FIFO, and (c) LIFO. You must show your calculations to receive full credit. Create and attach an additional page if necessary Ending Inventory Cost of Goods Sold Gross Profit Average Cost Method FIFO First-In First-Out Method LIFO Last-In First-Out Method Show your work here Step by Step Solution
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