Hello. Please assist with finding Cost of Goods Sold and Inventory for January 1

Question

Hello. Please assist with finding Cost of Goods Sold and Inventory for January 13 and 27 on question C.

Exercise 8-9 (Part Level Submission) Novak Company sells one product. Presented below is information for January for Novak Company. Jan. 1 Inventory 4 Sale 11 13 Sale 20 27 Sale 103 units at $5 each 82 units at $8 each 135 units at $7 each 102 units at $9 each 167 units at $7 each 108 units at $11 each Purchase Purchase Novak uses the FIFO cost flow assumption. All purchases and sales are on account. (a) / Your answer is partially correct. Try again Assume Novak uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units.(If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 4 Accounts Receivable 656 Sales Revenue 656 | Jan. 11 ¢| |Purchases 945

Explanation / Answer

a 31-Jan Inventory 791 Cost of goods sold 1838       Purchases 2114       Inventory 515 =103*5 c 13-Jan Cost of goods sold 672 =(21*5)+(81*7)       Inventory 672 27-Jan Cost of goods sold 756 =(54*7)+(54*7)       Inventory 756 Workings: Jan-13 sales comprises of: From Jan-1 inv. 21 =103-82 From Jan-11 purchase 81 =102-21 Jan-27 sales comprises of: From Jan-11 purchase 54 =135-81 From Jan-20 purchase 54 =108-54

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