What is the significance of the difference

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Reference no: EM13215689

One of your assigned homework problems this week is Problem 5-4A on page 219 in your textbook.

Prepare your answer for this problem and then compare it to the posted solution under Course Contents.

1. Which form of the income statement do you prefer - the multiple step or the single step? In your own words explain why.

2. Assume the ending inventory at August 31, 2013 is $30,000 rather than $41,000, based on a physical count taken at year-end. What is the significance of this difference? How would it affect the income statement?

3. How would you explain costs of transportation-in vs customer delivery expenses?

Reference no: EM13215689

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