SM’s management has asked you to provide the following information:1. Number of units on hand, July 12. Units sold during July3. Unit cost of inventory at July 31 (Round off to three decimal places)4. Value of inventory at July 31 A recent fire severely damaged Swiss Miss (SM) Company's administration building anddestroyed many of its financial records. You have been contracted by SM's management toreconstruct as much financial information as possible for the month of July. You learn that SMmakes a physical inventory count at the end of each month to determine monthly endinginventory values. You also find out that the company applies the average cost method.You are able to gather the following information by examining various documents:Inventory, July 31Total cost of goods available for sale in JulyCost of goods sold during JulyGross profit on sales for JulyCost of inventory, July 1150,000 unitsP356,400P297,000P303,000PO.35 per unitThe following are SM's July purchases of merchandise:QuantityUnit CostDateJuly 6July 12July 16July 17180,000PO.40150,000PO.41120,000PO.42150,000P0.45

Name: SM’s management has asked you to provide the following information:1.
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Description: SM’s management has asked you to provide the following information:1. Number of units on hand, July 12. Units sold during July3. Unit cost of inventory at July 31 (Round off to three decimal places)4. Value of inventory at July 31 A recent fire sever

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SM’s management has asked you to provide the following information: 1. Number of units on hand, July 1 2. Units sold during July 3. Unit cost of inventory at July 31 (Round off to three decimal places) 4. Value of inventory at July 31

SM’s management has asked you to provide the following information: 1. Number of units on hand, July 1 2. Units sold during July 3. Unit cost of inventory at July 31 (Round off to three decimal places) 4. Value of inventory at July 31

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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