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Accounting

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[The following information applies to the questions displayed below.] During 2018, Noval Company sells 244 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018.

Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 57 $70 $ 3,990
Apr. 7 Purchase 177 72 12,744
Oct. 9 Purchase 77 74 5,698
311 $ 22,432

Required:

1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system. (Input all values as positive values.)

LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost
Beginning Inventory
Purchases:
Apr 07
Oct 09
Total 0 $0 0 $0 0 $0

Sales revenue
Gross profit

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