acc308 homework 2.odp - Herman Company has three products...

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Herman Company has three products in its ending inventory. Specific per unit data for each of theproducts are as follows:Product 1Product 2Product 3Cost$28$98$58Replacement cost2610948Selling price64144Disposal costs85618Normal profit margin7462094
The inventory of Royal Decking consisted of five products. Information about the December 31,2013, inventory is as follows:Per UnitProductCostReplacement CostSelling PriceA$130$80$150B170115190C130145170D9060120E506570
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goodssold when preparing monthly financial statements required by its bank. Inventory on hand at the endof October was $59,700. The following information for the month of November was available fromcompany records:Purchases$122,000Freight-in4,200Sales240,000

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Term
Spring
Professor
N/A
Tags
Marketing, Sales, Generally Accepted Accounting Principles, retail inventory, monthly financial statements

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