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Surplus, Inc. uses a periodic inventory system and the had the following activity for 2007:
Purchases Sales Balance
January 1, 2007 110 units at $50 or $5,500
2/10/07 purchase 80 units at $60 or $4,800
4/14/07 sale 60 units
5/9/07 purchase 120 units at $70 or $8,400
7/14/07 sale 120 units
10/21/07 purchase 100 units at $80 or $8,000
11/12/07 sale 80 units
Calculate the ending inventory and cost of goods sold using the LIFO and FIFO methods.
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What kinds of problems can this company (or any company) avoid by properly managing its debt and does the company appear to be investing appropriately in plant and equipment?
At the end of 2010, Delong Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2011, the company learns that its receivable from Ristau Inc. is not collectible, and management authorizes a writ..
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