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Question - A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units for $20 each.
Required -
a) Using the FIFO perpetual inventory method, what is the COGS?
b) What is the value of the inventory at August 15 after the sale?
In 2010, Wild Corporation reported a net loss of $70,000. Wild’s only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100.
Immediately after Adam's admission to the partnership, Leah sells one-fourth of her interest to Denton for $35,000. Journalize the entry to record this transaction.
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Calculate the total predicted cost of tanning services for September for 2,500 appointments using the formula found in Requirement 3.
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
What is the value of each of the four MobiKash standards listed near the beginning of this case study?
Compute the total partnership return on equity and the individual partner return on equity ratios
None of the employees was paid more then $7,000 this year. Is Donner Company liable for FUTA tax this year? Explain
What has been the effect of this practice on accounting? What is its relation to the accrual system? What influence has it had on accounting entries and methodology?
the varone company makes a single product called a hom. the company has the capacity to produce 40000 homs per year.
For Frantek's current year-end as well as subsequent year-ends, discuss the accounting issues raised by the amendment to the agreement
Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2011.
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