Working Papers for Warren/Reeve/Duchac's Corporate Financial Accounting, 14th
14th Edition
ISBN: 9781305878839
Author: Carl Warren, Jonathan Duchac, James M. Reeve
Publisher: Cengage Learning
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Chapter 6, Problem 6.7EX
FIFO and UFO costs under perpetual inventory system
The following units of an item were available for sale during the year:
| Beginning inventory | 7,200 units at $160 |
| Sale | 4,800 units at $300 |
| First purchase | 16,000 units at $168 |
| Sale | 12,000 units at $300 |
| Second purchase | 15,000 units at$176 |
| Sale | 11,000 units at $300 |
The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (A) FIFO and (B) UFO?
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Labels and Amount Descriptions Income Statement
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A-One Travel Service is owned and operated by Kate Duffner. The revenues and expenses of A-One Travel Service
Accounts (revenue and expense items)
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Fees earned
Office expense
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Wages expense
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$1,480,000
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Prepare an income statement for the year ended August 31, 2016
Labels and Amount Descriptions
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Expenses
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