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Clarke Company uses the periodic inventory method and had the following inventory information available:
A Physical count of inventory on December 31 revealed that there were 400 units on hand.
Answer the following independent questions and show computations supporting your answers:
1 Assume that the company uses FIFO method. That Value of the ending inventory at December 21 is:
2 Assume that the company uses Average-Cost method. That Value of the ending inventory at December 21 is:
3 Assume that the company uses LIFO method. That Value of the ending inventory at December 21 is:
4 Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less?
There was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory?
Lion Company's direct labor costs for the month of January were as follow: What was Lion's direct labor efficiency variance?
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