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Explain to me where the numbers came from so I can do this on my own in the future. LoBianco Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 636 @ $6.0 April 3 530 @ $8 4 1,590 @ 6.2 9 1,378 @ 8 8 848 @ 6.5 11 636 @ 10 13 1,272 @ 6.7 23 1,272 @ 10 21 742 @ 6.8 27 954 @ 13 29 530 @ 7.1 4,770 5,618 1) Assuming that periodic inventory records are kept, compute the inventory at April 30 using LIFO and average cost. (Round answer to 0 decimal places, e.g. $2,760.) (2) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using FIFO and LIFO. (Round ans (c) Total merchandise available for sale Less inventory (FIFO) Cost of goods sold D. FIFO.
Buffon Electronics Company issues a $1,000,000, 10%, 20-year mortgage note on January 1. The terms provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $58,276. After the first installment payment, the prin..
Calculate Suzy's recognized gain or loss on the distribution, if any. Calculate Suzy's basis in the inventory received. Calculate Suzy's basis in land received. The land is a capital asset. Calculate Suzy's basis for her partnership interest after th..
Indicate the Financial Reporting Standard applicable on joint ventures. Summarize the important features of that specific FRS.
income statements for two different companies in the same industry are as
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Since opening its dorrs in Hawaii two years ago, Oriental trading has enjoyed tremedous success. Oriental Trading purchases textiles from Asia and resells them to local retail shops.
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income statement itemsgain on sale of marketablesecurities.........................42000loss on sales of
On July 1, 2012, Ryhn Co. pays $12,400 to Craig Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ryhn Co., journalize and post the entry on July 1 and the adjusting entry on December 31
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