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sing LIFO kercise 6-3 maintains a perpetual inventory system, costing by etermine the cost of goods sold for each sale and the inventory ting the data in the form illustrated in Exhibit 4. Obj. 2, 3

sing LIFO kercise 6-3 maintains a perpetual inventory system, costing by etermine the cost of goods sold for each sale and the inventory ting the data in the form illustrated in Exhibit 4. Obj. 2, 3

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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Sorry, I didn't see I have to send you the EX 6-3 to complete EX 6-4. Like I said before only EX 6-4 please and thank you!
18. This In this situatid What does hi8 5otis Use the graph to answer The end behav mpte 334 Chapter 6 Inventones the appropriate piece from the store's stockroom. Because all salesclerks need access e stockroom, it is not locked. The stockroom is adjacent to the break room used by al he employees. C. Whenever Hardcase receives a shipment of new inventory, the items are taken directly to stockroom. Hardcase's accountant uses the vendor's invoice to record the amount of invente received. State whether each of these procedures is appropriate or inappropriate. If it is inan propriate, state why. EX 6-3 Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Obj. 2, 3 V Inventory balance, November 30, 57,480 Nov. 1 Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 SD ME HOW 20 Sale 110 units 24 Sale 45 units 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale and the inventory balance after each sale. presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? V Inventory balance, November 30, $7,465 EX 6-4 Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Obj. 2, 3 (X) SHOW ME HOW EXCEL TEMPLATE EX 6-5 Perpetual inventory using LIFO VInventory balance, Beginning Obj. 2, 3
Transcribed Image Text:18. This In this situatid What does hi8 5otis Use the graph to answer The end behav mpte 334 Chapter 6 Inventones the appropriate piece from the store's stockroom. Because all salesclerks need access e stockroom, it is not locked. The stockroom is adjacent to the break room used by al he employees. C. Whenever Hardcase receives a shipment of new inventory, the items are taken directly to stockroom. Hardcase's accountant uses the vendor's invoice to record the amount of invente received. State whether each of these procedures is appropriate or inappropriate. If it is inan propriate, state why. EX 6-3 Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Obj. 2, 3 V Inventory balance, November 30, 57,480 Nov. 1 Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 SD ME HOW 20 Sale 110 units 24 Sale 45 units 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale and the inventory balance after each sale. presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? V Inventory balance, November 30, $7,465 EX 6-4 Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Obj. 2, 3 (X) SHOW ME HOW EXCEL TEMPLATE EX 6-5 Perpetual inventory using LIFO VInventory balance, Beginning Obj. 2, 3
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