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Essay #2 A company’s inventory records indicate the followin…

Posted byAnonymous July 16, 2021October 2, 2023

Questions

Essаy #2 A cоmpаny's inventоry recоrds indicаte the following data for the month of April:  April 1            Beginning Balance      100 units at $10 (PURCHASE COST) each April 5            Purchase        40 units at $ 12 (PURCHASE COST) each April 10            Sale                 60 units at $30 (RETAIL PRICE) each  Using the inventory information above, you will answer the next 9 questions.  Answers will be provided in $$$ (dollars).  Do not provide units.  All answers, when necessary, should use two decimal places.  Please note that the 12 questions are in groups of four and cover FIFO, LIFO and the Weighted Average cost allocation methodologies. The following Inventory Costing "Grid" is an optional student aid provided to help develop  (on your scrap paper) answers for the 12 questions that follow.  This is the same aid I used in the inventory cost allocation videos from Canvas.  This is purely optional and will not be submitted with the exam.   The grid is provided only as a guide.  No Excel version of the grid is provided in the exam.

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Tags: Accounting, Basic, qmb,

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