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Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory..600 units at $4.00
First purchase........900 units at $6.00
Second purchase....500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
a. LIFO method.
b. FIFO method.
c. Average-cost method
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Examine the legal liability an accounting professional has, including how a CPA is protected. Differentiate between fraud and negligence.
Which of the following is not an approach appropriate for hedge accounting?
During the first year of partnership operations, the following events occurred: the partnership had a net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of pa..
Advise Nathan if there is a valid contract with Dubious Connections Pty Ltd, and any remedies that may be available to him. (Make reference to relevant case law and support your answer).
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