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At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30 units at $750 per unit. Purchased in November: 30 units at $700 per unit.
A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.
Assuming that Anderson uses the LIFO flow assumption, it should record this inventory shrinkage by:
a. Debiting Cost of Goods Sold $7,000.
b. Crediting Cost of Goods Sold $7,500.
c. Debiting Cost of Goods Sold $7,500.
d. Crediting Cost of Goods Sold $7,000.
Avis Rent-a-Car purchases a large number of cars each year for its rental fleet
A company reports the following sales related information: Sales (gross) of $101,000; Sales discounts of $3,400; Sales returns and allowances of $8,600; Sales salaries expense of $6,900. Prepare the net sales portion of the company's multiple-step ..
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During 2014, Woods Company purchased 60,000 shares of Holmes Corporation common stock for $945,000 as an available-for-sale investment. The fair value of these shares was $900,000 at December 31, 2014. Woods sold all of the Holmes stock for $17 per s..
Jan receives no reimbursement from her employer. Jan has an AGI for year of $50,000 and no other itemized deductions.
Martinez Products, Inc. is a manufacturing company that uses a predetermined overhead rate to apply overhead to individual jobs. The company believes that direct labor hours drive overhead costs.
Other than the construction funds borrowed, the only other debt outstanding during the year was a $1,000,000, 10-year, 9% note payable dated 1/1/2006. What is amount of interest that should be capitalized by Bass during 2012?
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Assume that the lease is an operating lease. Prepare the journal entries made by Moody during 2009 and 2010 for the lease.
Using an operating leverage analysis, determine how much profits would increase for each company if each experienced a 10% increase in sales.
On December 31, Hack reported a net loss of $6 million for the year. What amount of loss should Sox report on its income statement for 2011 relative to its investment in Hack?
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