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Effects of LIFO and FIFO methods of inventory system on ending inventory.
Company A and Company B sell the same product. The cost of this product has been rising steadily throughout the year. Both companies reported the same net income for the year, although Company A used the first-in, first-out method of pricing inventory, while Company B used the last-in, first-out method.
(a) Which company's valuation of ending inventory in the balance sheet is more likely to approximate replacement cost?
(b) Which company reports a cost of goods sold figure in the current year income statement that is more likely to reflect the replacement cost of the units sold?
Assume that the company uses the weighted-average method. Determine the costs per equivalent unit for June for the first process.
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Evaluate the inventory value using both the temporal and existing methods. Show how this may be reflected on Royal Tea's statements and the consolidated statements of U.S. Beverages.
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Determine the annual pretax return to Slimware if the firm can earn 9% on any funds released from employing the zero-balance system? Assume the company has 52 weekly pay periods each year.
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