Novak Company sells one product. Presented below is information
for January for Novak Company.
Jan. 1
Inventory
125
units at $4 each
4
Sale
104
units at $8 each
11
Purchase
158
units at $6 each
13
Sale
130
units at $9 each
20
Purchase
149
units at $6 each
27
Sale
87
units at $11 each
Novak uses the FIFO cost flow assumption. All purchases and sales
are on account.
Assume Novak uses a periodic system. Prepare all necessary...