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Ünits Ünit Total Net Õperating Date Purchased Cost Cost Sales Expenses 174,000 01/Jan 3,300 6,800 6,200 10,300 10,200 $4.70 15,510 34,000 35,340 385,000 01/Apr $5.00 01/Jul $5.70 01/Oct $6.30 64,890 01/Dec $7.00 71,400 36,800 221,140 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units Questions: 1. Create condensed Income Statements using the information above under the inventory valuation assumptions (FIFO, Average Cost) permitted in Canada. For average cost, round average cost per unit to two decimal places.

Ünits Ünit Total Net Õperating Date Purchased Cost Cost Sales Expenses 174,000 01/Jan 3,300 6,800 6,200 10,300 10,200 $4.70 15,510 34,000 35,340 385,000 01/Apr $5.00 01/Jul $5.70 01/Oct $6.30 64,890 01/Dec $7.00 71,400 36,800 221,140 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units Questions: 1. Create condensed Income Statements using the information above under the inventory valuation assumptions (FIFO, Average Cost) permitted in Canada. For average cost, round average cost per unit to two decimal places.

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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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 71,400 221,140 385,000 01/Apr 01/Jul $5.00 6,200 10,300 10,200 36,800 $5.70 01/Oct $6.30 01/Dec $7.00 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units Questions: 1. Create condensed Income Statements using the information above under the inventory valuation assumptions (FIFO, Average Cost) permitted in Canada. For average cost, round average cost per unit to two decimal places.
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 71,400 221,140 385,000 01/Apr 01/Jul $5.00 6,200 10,300 10,200 36,800 $5.70 01/Oct $6.30 01/Dec $7.00 Beginning Inventory consists of 5,500 units at $4.21 per unit. Ending inventory was counted and holds 12,560 units Questions: 1. Create condensed Income Statements using the information above under the inventory valuation assumptions (FIFO, Average Cost) permitted in Canada. For average cost, round average cost per unit to two decimal places.
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