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The following data are available for Sellco for the fiscal year ended on January 31, 2014:
Sales 810 units
Beginning inventory 260 units @$ 3
Purchases, in chronological order 330 units@$ 4
400 units@$ 6
190 units@$ 8
a) Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
b) Assume that net income using the weighted-average cost-flow assumption is $12,100. Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places.)
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As Jonah wades through huge piles of the inventory and questions the team on operations, he quickly identifies the problem. Which of the implemented methods above does Jonah contribute to stacks of inventory?
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Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. Show the year-end balance sheet presentation for accounts receivable.
The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..
Provide journal entries for each transaction. Provide adjusting entries at the end of the year. Prepare and income statement at the end of the year.
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The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction.
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