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Periodic Inventory System and Inventory Costing Methods
In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows:
Units Amount per UnitJune 1 Beginning inventory 150 $ 60 4 Purchase 400 66 12 Purchase 800 72 16 Sale 1,300 120 24 Purchase 300 78
Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. Explain the differences in gross margin produced by the three methods. Round unit costs to cents and totals to dollars.
wilkins manufacturing uses a job order cost accounting system. on december 1 the company has a balance in work in
Ending inventory of finished goods for each month is budgeted to be 30% of the next month's budgeted sales in units. Calculate the budgeted unit sales for September.
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The partnership paid $3000 in interest that was amount owed for the year and paid $8000 for a two-year insurance policy on the first day of business.
panarude airfreight is an international air freight hauler with more than 45 jet aircraft operating in the united
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