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Answer All the Questions Question - 1: "The development of accounting and financial reporting is correlated with technological progress in Business". Comment on the appropriateness of this viewpoint. Question - 2: Presented below are transactions related to Z Inc.: Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Quantity 1,000 2,000 2,500 3,000 2,200 Price/Cost $12 18 30 23 33 Instructions: Calculate Ending inventory, COGS under FIFO method with proof, and gross profit.

Answer All the Questions Question - 1: "The development of accounting and financial reporting is correlated with technological progress in Business". Comment on the appropriateness of this viewpoint. Question - 2: Presented below are transactions related to Z Inc.: Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Quantity 1,000 2,000 2,500 3,000 2,200 Price/Cost $12 18 30 23 33 Instructions: Calculate Ending inventory, COGS under FIFO method with proof, and gross profit.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer All the Questions "The Question - 1: development of accounting and financial reporting is correlated with technological progress in Business". Comment on the appropriateness of this viewpoint. Question - 2: Presented below are transactions related to Z Inc.: Date Transaction 1/1 Beginning inventory 2/4 Purchase Price/Cost $12 18 30 23 33 Instructions: Calculate Ending inventory, COGS under FIFO method with proof, and gross profit. 2/20 Sale 4/2 Purchase 11/4 Sale Quantity 1,000 2,000 2,500 3,000 2,200
Transcribed Image Text:Answer All the Questions "The Question - 1: development of accounting and financial reporting is correlated with technological progress in Business". Comment on the appropriateness of this viewpoint. Question - 2: Presented below are transactions related to Z Inc.: Date Transaction 1/1 Beginning inventory 2/4 Purchase Price/Cost $12 18 30 23 33 Instructions: Calculate Ending inventory, COGS under FIFO method with proof, and gross profit. 2/20 Sale 4/2 Purchase 11/4 Sale Quantity 1,000 2,000 2,500 3,000 2,200
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