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Date Purchased Cost Cost Sales Expenses 174,000 01/Jan $4.70 15,510 34,000 35,340 64,890 3,300 385,000 01/Apr 6,800 $5.00 01/Jul 6,200 $5.70 01/Oct 10,300 $6.30 01/Dec 10,200 $7.00 71,400 221,140 36,800 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units

Date Purchased Cost Cost Sales Expenses 174,000 01/Jan $4.70 15,510 34,000 35,340 64,890 3,300 385,000 01/Apr 6,800 $5.00 01/Jul 6,200 $5.70 01/Oct 10,300 $6.30 01/Dec 10,200 $7.00 71,400 221,140 36,800 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units

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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2. Which method of valuation produces the largest Net Income? Why? Explain. 
            
Units Net Operating Expenses 174,000 Unit Total Date Purchased Cost Cost Sales 3,300 6,800 01/Jan $4.70 15,510 34,000 35,340 64,890 385,000 01/Apr 01/Jul $5.00 6,200 10,300 $5.70 01/Oct $6.30 01/Dec 10,200 $7.00 71,400 221,140 36,800 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units
Transcribed Image Text:Units Net Operating Expenses 174,000 Unit Total Date Purchased Cost Cost Sales 3,300 6,800 01/Jan $4.70 15,510 34,000 35,340 64,890 385,000 01/Apr 01/Jul $5.00 6,200 10,300 $5.70 01/Oct $6.30 01/Dec 10,200 $7.00 71,400 221,140 36,800 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units
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