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Lifetime Distribution markets classic children's books. At the beginning of June, Lifetime had in beginning inventory 1,200 books with a unit cost of $3. During June, Life- time made the following purchases of books. June 3 4,000 @ $3 June 29 4,000 @ $6 June 18 7,500 @ $5 During June, 10,500 books were sold. Lifetime uses a periodic inventory system. Instructions
(a) Determine the cost of goods available for sale.
(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Note: For average-cost, round cost per unit to three decimal places.)
(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
1. journalize the six adjusting entries required at march 31 based on the data presented.2. what would be the effect on
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On January 1, a company issued and sold a $394,000, 9%, 10-year bond payable, and received proceeds of $389,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal ..
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