Lopez Company tells chairs that are used at computer stations its beginning inventory of chain in Year I was 100 units at $60 por unit. During the year, Lopez made two purchases of this chair. The first was a 150 units purchase at $68 per unit the second was a 200-unit purchase at $72 per unit. During Year 1, it soid 270 choins at $120 each, 1 During Tear 2. Lopez made two additional purchases of this chair. The first was a 100 unit purchase at $73 per unit, the second was a 300 unit purchase at $75 per unit. During Year 2. it sold 215 chairs at $125 each Lopez applies the FIFO cost flow assumption 2 What is the amount of COGS Lopez should report for Year 17 $17.640 $32.400 $16.200 $19,440 3 What is the amount of gross profit Lopez should report for Year 17 $32,440 $19,440 $12.960 $14.760 What is the amount of ending inventory Lopez should report for Year 17 $14.440 $12,960 $21.600 $22.500 0000

I, J, K

Define Ethics.

Would you please remind me how the debits and credits system works? Why do the assets get debit increased and the liabilities and owner’s equity get debit decreased? I know the parts must balance and clear each other out, but reviewing my notes from a previous class, I’m having a hard time getting a perspective on the principle of the T-balance.