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Question - Perpetual inventory using FIFO
Beginning inventory, purchases, and sales data for portable DVD players are as follows:
June 1
Inventory
240 units at $78
June 10
Sale
180 units
June 15
Purchase
280 units at $80
June 20
220 units
June 24
90 units
June 30
320 units at $86
The business maintains a perpetual inventory system, costing by the first-in, first-out method.
a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
Dain Company acquires the land and building owned by Corrs Company. What types of costs may be incurred to make the asset ready for its intended use if Dain Company wants to use
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The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $230 accrued interest for June has not yet been paid or recorded.
A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return of $50 on June 16. What amount is received as payment in full on June 23? (a) $700. (b) $686. (c) $685. (d) $650.
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