Business, 14.01.2020 02:31 gisellekarime
Assume the perpetual inventory system is used unless stated otherwise. accounting for inventory using the perpetual inventory system—fifo, lifo, and weighted-average, and comparing fifo, lifo, and weighted-average steel mill began august with 50 units of iron inventory that cost s35 each. during august, the company completed the following inventory transactions:
units unit cost unit sale price
aug. 3 sale 45 $85
8 purchase 90 $54
21 sale 85 88
30 purchase 15 58
requirements
1. prepare a perpetual inventory record for the merchandise inventory using the fifo inventory costing method.
2. prepare a perpetual inventory record for the merchandise inventory using the lifo inventory costing method.
3. prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method.
4. determine the company's cost of goods sold for august using fifo, lifo, and weighted-average inventory costing methods.
5. compute gross profit for august using fifo, lifo, and weighted-average inventory costing methods.
6. if the business wanted to maximize gross profit, which method would it select?
Answers: 3
Business, 22.06.2019 03:00, itscheesycheedar
Compare the sources of consumer credit 1. consumers use a prearranged loan using special checks 2. consumers use cards with no interest and non -revolving balances 3. consumers pay off debt and credit is automatically renewed 4. consumers take out a loan with a repayment date and have a specific purpose a. travel and entertainment credit b. revolving check credit c. closed-end credit d. revolving credit
Answers: 1
Business, 22.06.2019 16:00, hany90
Arnold rossiter is a 40-year-old employee of the barrington company who will retire at age 60 and expects to live to age 75. the firm has promised a retirement income of $20,000 at the end of each year following retirement until death. the firm's pension fund is expected to earn 7 percent annually on its assets and the firm uses 7% to discount pension benefits. what is barrington's annual pension contribution to the nearest dollar for mr. rossiter? (assume certainty and end-of-year cash flows.)
Answers: 2
Assume the perpetual inventory system is used unless stated otherwise. accounting for inventory usin...
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