Reference no: EM132571669
Question -
1. Sands Company purchased mining rights for $500,000. They expect to harvest 1 million tons of ore over the next five years. During the current year, Sands mined 350,000 tons of ore. Record the depletion in the current year in a journal entry.
2. Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Show your work for the next three questions.
Sep. 1 Inventory 20 units at $20
Sep. 4 Sold 10 units
Sep. 10 Purchased 30 units at $25
Sep. 17 Sold 20 units
Sep. 30 Purchased 10 units at $30
If Addison uses FIFO, the September 17 entry for cost of goods sold would be:
If Addison uses LIFO, the September 17 cost of goods sold would be:
If Addison uses the weighted average cost method, what is the inventory value at the end of September?
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