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Problem - Cost of goods sold Available for Sale of Product X:
Date
Description
Quantity
Unit Cost (S$)
15 Mar
Beginning Inventory
1000
12
20 Mar
Purchase
500
15
Sales of Product X:
Unit Price (S$)
31 Mar
Sale
1200
30
Required - Show working clearly.
1. Based on the Average costing method, calculate the Costs of Goods Sold and Profit.
2. Based on FIFO costing method, calculate the Costs of Goods Sold and Profit.
Prepare appropriate journal entries related to the investment for 2018, 2019, and 2020, assuming Blevins accounts for this investment.
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On October 1, 20X1, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. Fifty thousand gallons were delivered on December 15, 20X1, and the remaining 50,000 gallons were delivered on January 15, 20X2. Payment terms were: 5..
Assuming that the retirement benefit is the only consideration in making the retirement decision, should Ms. Bittner accept her employer’s offer?
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Below is an alphabetical listing of all of the accounts for T.O.'s Dance Studio on 12/31/14. Assume all adjustments have been made and all balances are "normal". Prepare closing entries for T.O.’s Dance Studio. Prepare the post-closing trial balance ..
Write up a two-column cash book for a second-hand bookshop from the following:- Balance brought forward from last month: Cash £295; Bank £4,240.
LO.4, 6 In each of the following cases, distinguish between the terms. Offer in compromise and closing agreement. Failure to file and failure to pay.
Vargas has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of the accrued liability for compensated absences that should be reported at December 31..
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