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Question - Samuelson and Messenger (S&M) began 2016 with 350 units of its one product. These units were purchased near the end of 2015 for $24 each. During the month of January, 250 units were purchased on January 8 for $27 each and another 300 units were purchased on January 19 for $29 each. Sales of 160 units and 250 units were made on January 10 and January 25, respectively. There were 490 units on hand at the end of the month. S&M uses a periodic inventory system.
Required:
1. Calculate ending inventory and cost of goods sold for January using FIFO.
2. Calculate ending inventory and cost of goods sold for January using average cost.
In January 2013, Mitzu Co. pays $ 2,600,000 for a tract of land with two buildings on it.
Choose a client or yourself. For confidentiality purposes, use a fictitious name. Prepare a personal budget, balance sheet, and cash flow statement.
Acme's gross profit ratio increased by 20% over the prior year. Net sales and cost of goods sold for the prior year were $120,000 and $90,000, respectively. Cost of goods sold for the current year is $140,000.
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The letter also requests that he provide documentation supporting his gross receipts of $222,000. This is an example of what method of conducting an audit? What alternative methods are available? Explain each.
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