International Business: Competing in the Global Marketplace
12th Edition
ISBN: 9781259929441
Author: Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher: McGraw-Hill Education
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Chapter 12.4, Problem 1DYK
Summary Introduction
To explain: The number of foreign companies listed on the Stock Exchange NS.
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Morse Inc. is a retail company that uses the perpetual inventory
method. Assume that there are no credit transactions and all amounts
are settled in cash. Calculate the ending inventory for the following cost
flow assumption: LIFO.
You have the following information for Morse Inc. for the month of
January 2014.
Unit Cost or Date
Description
Quantity
Selling Price
Dec. 31
Ending inventory
140
$ 14
Jan. 2
Purchase
120
15
Jan. 6
Sale
150
30
Jan. 9
Purchase
85
17
Jan. 10
Sale
70
35
Jan. 23
Purchase
100
20
Jan. 30
Sale
110
42
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International Business: Competing in the Global Marketplace
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