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MBC will sell inventory at $160 per unit. MBC will use LIFO method and record COGS on a periodic basis. The company usesstraight line depreciation. A full month of depreciation isrecorded in the month of acquisition.
1) Owners invest $60,000 at the beginning of Jan and receive5,000 shares of $5 par common stock.
2) 200 units of inventory are purchased for $18,000 onaccount.
3) Cash sales 120 units of inventory occur in Jan.
4) Sales on account of 70 units occur in Jan.
What are the journal entries?
Assume that Product Z is made up of two units of A and four units of B. A is made of three units of C and four units of D. D is made of two units of E.
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What conclusions can be drawn from these analyses regarding The Limited's efficiency in collecting receivables?
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