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4. On July 1, the Lavaca Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lavaca had the following inventory transactions: Date July 6 Purchased 100 units @ $75 per unit. 11 Sold 200 units. 17 Sold 85 units. 24 Purchased 100 units @ $125 per unit. 28 Purchased 50 units @ $110 per unit. 30 Sold 100 units. Required: Compute the cost of the inventory at the end of July under the following alternatives: a. FIFO periodic b. FIFO perpetual c. LIFO periodic d. LIFO perpetual e. Weighted average (round unit costs to 2 decimal places) f. Moving average (round unit costs to 2 decimal places)
q1. abigail manchester set up a business selling keep fit equipment trading under the name of keep fit. she put
prepare a cash receipts journal based on the information given below and post it to the accounts receivable subsidiary
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.
micro chip corporation mcc has a special po box for customer payment. jane is responsible for going to the post office
Inform the president of any new internal control requirements if the company decides to go public.
Evaluate whether ABC Wines should go ahead with the installation of the new irrigation system and whether they should use the purchase or the lease option and explain the primary ways in which finance leases differ from operating leases.
on december 31 2013 gifts galore inc. suitably changed its inventory valuation method from weighted-average cost to
which of the following represents the largest number of common shares?a. treasury sharesb. issued sharesc.
When the receivable was collected on February 15, 2009, the U.S. dollar equivalent was $144,000. In Mills' 2009 consolidated income statement, how much should have been reported as a foreign exchange gain?
jamie contributed fully depreciated 0 basis property valued at 30000 to the jklm partnership in exchange for a 40
The old machine has an adjusted basis of $36,000 and the new machine has a fair market value of $80,000. What is the recognized gain or loss and the basis of the new machine?
Manning Imports is contemplating an agreement to lease equipment to a customer for five years. Manning normally sells the asset for a cash price of $100,000. Assuming that 8% is a reasonable rate of interest.
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