Reference no: EM133150965
Question - Use the chart below to answer the questions 1 through 9 for Piper Corp.
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Units
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Unit Cost
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Total Cost
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Beginning Inventory
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20
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$110
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$2,200
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Purchase on June 2nd
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10
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$120
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$1,200
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Purchase on June 20th
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20
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$140
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$2,800
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Sales
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42
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What are the units available for sale? Cost of the goods available for sale?
Use the average cost method to find the cost of goods sold.
Use the average cost method to find the ending inventory.
Use the FIFO method to find cost of goods sold.
Use the FIFO method to find the ending inventory.
Use the LIFO method to find cost of goods sold.
Use the LIFO method to find the ending inventory.
Which inventory method will give the highest gross profit and how much will gross profit be using this method if each unit sells for $200?
If Piper Corp uses the LIFO method and sells all units for $200 each, record the journal entries necessary if Piper Corp sold 20 Units. Label each account used with the proper classification (A,L, SE , Rev, Exp) and note whether each accounting is increasing or decreasing.
Winter Corporation had beginning inventory of $40,000, sales of $200,000, purchases of $100,000 and ending inventory of $30,000. What is Winter Corps cost of goods sold?
Use the information in the previous problem to find the gross profit percentage for Winter Corporation.
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