Show less Calculator Nevens Company uses a periodic Inventory system. During November, the following transactions occurred: Date Transaction Units Cost/Unit November 1 Balance 500 $3.50 8 Sale 350 13 Purchase 300 4.00 21 Purchase 200 5.00 28 Sale 150 Required: 1. Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions. If required, round your answers to the nearest dollar. a. FIFO Cost of Goods Sold S Ending Inventory b. LIFO Cost of Goods Sold Ending Inventory s c. Average cost (In your computations, round per unit costs to the nearest cen Cost of Goods Sold $ Check My Work 1 more Check My Work uses remaining eBook Show Me How Calculator 150 28 Sale Required: each of the following cost how assumptions. If required, round 1. Compute the cost of goods sold for November and the inventory at the end of November your answers to the nearest dollar. 3. FIFO Cost of Goods Sold Ending Inventory b. LIFO Cost of Goods Sold Ending Inventory s c. Average cost (In your computations, round per unit costs to the nearest cent.) Cost of Goods Sold Ending Inventory will result in the highest inventory valuation and the lowest amount reported as cost of goods sold. cost will result in lowest inventory valuation and highest amount reported as cost of goods and hence the lowest net income and taxes paid. falls in between the other two assumptions for both ending inventory valuations and cost of goods sold. Check My Work 1 more Check My Work uses remaining 6:35