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Calculate the November inventory

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Question - Novak Corporation uses a perpetual inventory system. On November 19, the company sold 590 units. The following additional information is available:

 

Units

Unit Cost

Total Cost

Nov. 1 inventory

330

$13

$4,290

Nov. 15 purchase

470

16

7,520

Nov. 23 purchase

360

18

6,480

 

1,160

 

$18,290

Required -

a) Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula.

b) Calculate the November 30 inventory and the November cost of goods sold, using the FIFO cost formula.

Reference no: EM132815852

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