Attached is the numbers that’s needed for the attached spreadsheet sheet .Please help! E7-10Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, thefollowing transactions occurred:LO 7.5DateTransactionUnitsCost/UnitNovember$3.50Balance8.1SalePurchasePurchase500350300134.00200150215.00SHOWME HOW28SaleRequired:1. Compute the cost of goods sold for November and the inventory at the end of November for each of thefollowing cost flow assumptions:a.FIFOb. LIFOc.Average cost2. Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financialstatements?マワ11AltornMethode Porkthe follouing transas Copy of ET_Ex07-10_Wahlen_Inte...E7-10E7-10Name:Complete the schedule below by filling in the shaded cells.An asterisk (*) will appear before an incorrect amount in specific cells.1aFIFO:Ending Inventory (500 units)unitsunits@Cost of Goods Sold (500 units):Beginning InventoryPurchases+ Ending InventoryCost of Goods SoldEnding Inventory (500 units)@bLIFO:unitsCost of Goods Sold (500 units):Beginning InventoryPurchasesEnding InventoryCost of Goods SoldWeighted Average:Goods Available for Sale:units@units@units@Cost of Goods Available for SaleUnits Available for SaleAverage CostEnding InventoryCost of Goods Sold:Beginning InventoryPurchases+ Ending InventoryCost of Goods Sold+%3D2. Examine the ending inventory amounts and compare and contrast between the three methods in belowtext box. However it will not be graded.

OAlternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Date Transaction Units Cost/Unit November 1 Balance 8 Sale Purchase 500 350 300 $3.50 13 4.00 21 Purchase 28 Sale 200 5.00 150 Required: 1. Compute the cost of goods sold for November and the inventory at the end of November for cach of the following cost flow assumptions: a. FIFO b. LIFO c. Average cost 2. Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial statemente?

OAlternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Date Transaction Units Cost/Unit November 1 Balance 8 Sale Purchase 500 350 300 $3.50 13 4.00 21 Purchase 28 Sale 200 5.00 150 Required: 1. Compute the cost of goods sold for November and the inventory at the end of November for cach of the following cost flow assumptions: a. FIFO b. LIFO c. Average cost 2. Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial statemente?

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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