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Question - Cost of Ending Inventory
During April, Leary Company sold 1000 units of Product Q. Product Q's beginning inventory and purchases during the month are shown below. (Assume the periodic inventory system is used.)
April 1 Beginning inventory 200 units @ $1
April 5 Purchases 200 units @ $2
April 10 Purchases 200 units @ $3
April 15 Purchases 200 units @ $4
April 20 Purchase 200 units @ $5
April 25 Purchase 200 units @ $6
Compute the cost of the ending inventory under each of three methods: (a) average-cost, (b) LIFO, and (c) FIFO. Explain how you calculated each answer and include your explanations in a spreadsheet.
Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2008.
Required: Prepare journal entries to record Lopez's 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system.) (Round your intermediate calculations and final ..
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Troyer's long term available for sale portfolio at December 31, 2012, consists of the following.
Determine the amount of accrued interest that was included in the proceeds received from the bond sale.
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