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Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,000 units at $ 35; purchases, 4,000 units at $ 38; operating expenses (excluding income taxes), $ 91,500; ending inventory per physical count at December 31, 900 units; sales price per unit, $ 75; and average income tax rate, 30%.
Required:
1. Complete the body of the following income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods.
2. Between FIFO and LIFO, which method is preferable in terms of (a) maximizing income from operations or (b) minimizing income taxes? Explain.
3. What would be your answer to requirement 2 if costs were falling? Explain.
A static budget is appropriate in evaluating a manager's performance if:
prepare the necessary adjusting entries at december 31 2013 for the microchip company for each of the following
1. under the modified accrual basis of accounting revenues cannot be recognizeda. until cash has been collectedb.
tri fecta a partnership had sales revenues of 360000 in its first year of operations. the partnership has not collected
Question 1 Cost allocation of an intangible asset is referred to as
Rhubarb Corporation's outstanding stock is 100 shares of $100, 11% cumulative nonparticipating preferred stock and 2,000 shares of $12 par value common stock. Rhubarb paid $1,600 cash dividends during the year.
Use the modified duration to find the approximate percentage change in the bond's price. Find the new price of the bond from this calculation.
mr. man has been working for a trading company as a sales manager for many years. his current monthly salary is 20000.
Apollo Shoes is satisfied with the services your firm offers and wants to continue with the audit. Apollo Shoes would like you to prepare a letter explaining how you plan to begin the audit process.
King Co. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $76,000. Purchases since January 1 were $144,000; freight-in, $6,800; purchase returns and allowances, $4,800.
you are the senior accountant responsible for recording accrued liabilities at the end of the companys fiscal year.
sartain corporation is in the process of preparing its annual budget. the following beginning and ending inventory
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