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please solve this thank you find ending inventory$...... View Policies Current Attempt in Progress Novak Limited stocks a variety of sports equipment for sale to
please solve this thank you find ending inventory$......
View Policies Current Attempt in Progress Novak Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketballs was taken from the records at the December 31,2020 year end: A physical inventory on December 31,2020 , reveals that 100 basketballs are in stock. The bookkeeper informs you that all the discounts were taken. Assume that Novak Limited uses a periodic inventory system and records purchases at their invoice price less discounts. During 2020 , the average sales price per basketball was $22.25. Calculate the December 31,2020 inventory using the FIFO formula. (Round answer to 2 decimal places, eg. 52.75.) Ending inventory $Step by Step Solution
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