Question 1 of 5 -/3 e View Policies Current Attempt in Progress Novak Corp.just took its physical inventory on December 31. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 305,800. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. 2. Novak has sent inventory costing $ 27,550 on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December 31. The company did not include in the count inventory (cost, $ 19,680) that was sold on December 28, terms FOB shipping point The goods were in transit on December 31. The company did not include in the count inventory (cost, $ 13,310) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. 3. Compute the correct December 31 inventory. Correct December 31 inventory $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Current Attempt in Progress Blossom Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 71 units at a cost of $6 per unit. During April, the following purchases and sales were made. April 7 13 Purchases 61 units at $ 7.00 122 units at $ 8.00 92 units at $ 9.00 51 units at $ 10.00 23 29 326 Sales April 5 122 units at $ 20 11 92 units at $ 20 20 82 units at $ 20 41 units at $20 337 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, eg. 15.25 and final answer to decimal places, eg. 1,525.) (a) Average-cost - Ending Inventory $ $ Cost of Goods Sold $ (b) FIFO -Ending Inventory $ Cost of Goods Sold $ (c) LIFO- Ending Inventory $ Cost of Goods Sold $ View Policies Current Attempt in Progress A company began operations on January 1. It purchased three shredders as part of its inventory. The first shredder had a cost of $ 38; the second one cost $ 45; and the third shredder cost $59. The company decided to use LIFO and sold two shredders in January. If the company had used FIFO, by how much would gross profit for the period be greater or less than using the LIFO method? Gross profit would be $ 21 greater. Gross profit would be $ 21 less. Gross profit would be the same because only the inventory cost changes. Gross profit would be $ 14 less. eTextbook and Media