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Suppose XY Company has the following transactions for July 2013: Operating expense for July was $1,900. The firm uses periodic inventory system
Date Item Quantity Unit cost Sale price
Jul 1 Beginning inventory 100units $9
10 Purchase 60units 10
15 Sale 70units $21
21 Purchase 100units 11
30 sale 90units 26
Required:
Question a. Calculate the cost of goods sold, ending inventory, gross profit and operating income uner FIFO, LIFO, and Average cost.
At the end of every year for 5 years. If the interest rate on the account is 2.25% compounding annually, what is the present value of the investment?
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