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Question - Johnstone Co. uses the periodic inventory system. The following information about their inventory of Model ZZ Mountain Bicycles is available:
Date Transaction Number of Units Cost Per Unit Beginning Inventory 50 $800 Purchase 80 $820 Purchase 75 $840 Purchase 90 $850
During the year, 235 bicycles were sold at a price of $1,500 each. Other operating costs equaled $80,000 and their tax rate is 30%. Round final answers to the nearest dollar.
What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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