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Problem 6-08A al-a2 Novak Corp. is a retailer operating in Calgary, Alberta. Novak uses the perpetual inventory method. Assume that there are no credit transactions;
Problem 6-08A al-a2 Novak Corp. is a retailer operating in Calgary, Alberta. Novak uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Novak for the month of January 2022. Unit Cost or Selling Price Quantity 165 200 Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale 100 Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 s Jan. 2$ Jan. 6 s Jan. 9 $ Jan. 10 $ Jan. 23 $ Jan. 30 $ For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.) (1) LIFO. (2) FIFO. (3) Moving-average. LIFO FIFO Moving-average Cost of goods solds Ending inventory Gross profit Click if you would like to Show Work for this question: Open Show Work
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