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Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per unit. During the year, purchases were: Jan. 24 800 units at $7 Aug. 19 600 units at $ 9 Apr. 12 400 units at $8 Nov. 30 350 units at $10 Smythe Company uses a periodic inventory system. Sales totaled 1,900 units. Instructions
(a) Determine the cost of goods available for sale.
(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average unit cost to three decimal places.)
(c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement?
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Prepare an income statement for the year 2014 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 120,800 sh..
Sarah was contemplating making a contribution to her tradi- tional IRA in 2014. She determined she would contribute $5,000 in December 2014, but forgot about making the contribution until she was preparing her 2014 tax return in February 2015.
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Calculate the cost of the 35,000 units completed and transferred out and the 30,000 units, 40% complete, in the ending Work in process
green fingers co. makes small plant stands that sell for 25 each. the companys annual level of production and sales is
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