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Question - Portland Ltd. estimates the cost of its physical inventory at March 31 for use in its interim financial statements. The rate of markup on cost is 25%. The following account balances are available:
Inventory, March 1 $200,000
Purchases 168,000
Purchase returns 7,000
Sales during March 350,000
Required - What is the estimated dollar value of the inventory at March 31?
On July 1 leather inventory was expected to be 1,000 square meters. What will leather purchases be in July
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Attmore uses the purchases method to record supplies acquisitions Attmore considers its year-end inventory of $ 112,000 to be material During the year the General Fund loaned the Internal Service Fund $ 100,000. The loan will be fully repaid to the ..
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How should governments report their capital projects and debt service activities in their government-wide statements?
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