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Answers to the following 6 questions:
1) Use this inventory information for the month of May to answer the following questions: May 1 beginning inventory 40 units @ $76 7 purchase 140 units @ $80 18 sale 50 units 22 purchase 20 units @ $88 29 sale 80 units assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis? a-more information is needed b-$10,240 c-$5440 2) Use this inventory information to answer the following question: July 1 beginning inventory 10 units @ $120 5 purchase 60 units @ $112 14 sale 40 units 21 purchase 30 units @ $116 31 sale 28 units Assuming that a periodic inventory system is used, what is cost of goods sold under the average-cost method? a-$3648 b-$7752 c-$7888 3) An unrealistic picture of the inventory's current value on the balance sheet is an argument against using: a-specific identification b-LIFO c-FIFO 4) Which of the following would normally be included in the inventory? a-outgoing goods shipped FOB destination b-goods sold but not yet delivered c-goods held on consignment 5) Which of the following costs would not be included in the inventory cost? a-invoice price b-cost of goods held on consignment c-freight in 6) The most important accounting problem in dealing with merchandise inventory is the application of which of the following conventions or rules? a-materiality b-full disclosure c-matching
survivor company was formed on january 1 2009 by selling and issuing 25000 shares of 12 par value common stock at 15
consider the following statements about the investment in working capital in a capital budgeting analysisi. working
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Determine the recipient and amount of the partner bonus and provide the journal entry to admit Lane into the partnership.
comet company began operations in 2010 and adopted the fifo method of inventory pricing. during 2012 comet company
The entity's balance date is 30 June, and it uses the straight-line method of depreciation. On 1 July 2011, the value is use was estimated to be $45,000 and the net selling price was $48,750. Prepare the journal entries in relation to the equipmen..
select a company that u can visit in person or interviewon the telephone. call ahead to the company to arrange a time
The direct method statement of cash flows for the lessor should reflect which of the following in the first year of the lease contract (ignore noncash disclosures)?
1. discuss the revenue principle and the matching principle as per the generally accepted accounting principles gaap.
on may 31 2008 donald co. has 100000 shares of 9 par value common stock issued and outstanding. the balance sheet
madden international is a large 7 billion sales successful international pharmaceuticals firm operating in 23 countries
federal delivery service began a defined-benefit pension plan for its employees on january 1 2013. pertinent data
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