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Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)
Financial information for KTM Corporation (www.KTM.com) follows:
Determine the maximum likelihood estimates of the parameters θ0 and θ1 in the two-parameter model, η = θ0 + θ1x Show that these are also similar to weighted least squares estimates. What are the weights in this case?
Which is better for preventing or detecting fraud a rules based system like US GAAP or a principles based system like IFRS? Please provide the reasons for your opinion.
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