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Question - JFK Appliance Shop Inc. provides following data for inventory, purchases, and sales of merchandise for July for one of the items the company sells:
Activity Number of Units Total Cost Sale Price (per unit) Beginning Inventory 68 $5,780 Purchase 1: July. 5 54 $4,968 Sale 1: July. 8 47 $120.00 Sale 2: July. 12 23 $140.00 Purchase 2: July. 17 18 $1,692 Sale 3: July. 23 32 $150.00 JFK uses a perpetual inventory system, and all purchases and sales were for cash.
Required - Compute cost of goods sold (COGS) and cost of ending inventory using each method.
a) FIFO.
b) Weighted-average method.
Penston Company owns 40 percent (40,000 shares) of Scranton, Inc., which it purchased several years ago for $182,000. Since the date of acquisition, the equity method has been properly applied, and the book value of the investment account as of Janua..
Make the ledger accounts of Rehman ltd for the year ended 31st december 2019, where appropriate showing the balance carried down
If necessary, you may assume that employees are twice each month, What "reversing entry" would the firm prepare on January 1, 2020?
If the nominal annual interest rate of the loan is 3% and at the end of the year yen trades at ?¥120?/US$, what is the effective annual interest rate of loan
If Simple Simon's chooses to take the discount offered, Should Simple Simon's enter the loan agreement with the bank and begin taking the discount?
Describe in detail the type of substantive analytical procedures that would be used for these account balances and why this would be an effective test
If the required rate of return is 20%, what will be the intrinsic value of the stock? What will be the dividend yield and capital growth rate of the stock
Emerald Corporation sold a set of washing machine and a dryer for a total contract price of P200,000. How much is the revenue to be recognized on this contract
Demonstrate the dollar value of cash provided or (used) by operating activities. If the total is a use of cash, enter as a negative number.
Nora borrowed an amount of P40 000 which she paid with an interest of P2,000 at the end of 3 years. At what nominal rate compounded semi-annually was invested
Reeves Supply plc, Journalize the transactions for Reeves Supply. The company does not make entries to accrue interest except at December 31.
How do the balance sheet, income statement and statement of cash flows each present a different view of the financial well-being of a firm?
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