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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I missing number 5 Determine ending inventory using LIFO:

Transcribed Image Text:Chapter 6: Inventory and Cost of Goods Sold
Multi-Step Income Statement
Use the data below to answer the following questions.
720,000
2,000
Salaries expense
210,000|Sales revenue
Sales returns
Utilities expense
15,000 Interest income
18,000 Cost of goods sold
300,000
Income tax expense
27,000 Rent Expense
12,000
4,000
30,000
Cash
12,000 Interest expense
Inventory (beginning)
25,000 Inventory (end)
1
Gross Profit
2
Operating Income
Purchases
4
Gross Profit Ratio
Use the following schedule to answer the questions below.
Units
Cost
per unit
Beginning inventory
10
75
750
Purchase 1
50
77
3,850
Purchase 2
40
79
3,160
GAFS
100
7,760
The company sold
95
Units
Determine ending inventory using LIFO:
3.
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- a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO. b.) determine the cost assigned to ending inventory and to cost of good solc using LIFO. c.) compute the gross margin for each methodarrow_forwardQuestio nattached thnaks for the hlpe l1p14phl1hporhpokhp15oy15kpho2t h2tkohp2tkhp2othkp2ohk2ptoarrow_forwardChoose amounts the 3 listed items that a manufacturer’s inventory may include: pre-ordered material inventory work in process inventory unused inventoryarrow_forward
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