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# extra credit - (2 Ferguson Department Store uses the...

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Inventory Methods (Ch. 8 and 9) – Extra Credit You must show all work to receive credit. The problems are due the last day of class. (1) Meyer Corporation had the following transactions relating to product AB during October. Date Units Unit Cost 10/01 Beginning Inventory 500 units \$5.00 10/06 Purchase 100 units 4.50 10/18 Purchase 200 units 6.00 10/20 Purchase 200 units 4.00 (a) Assume that Meyer uses the periodic inventory system and that the ending inventory at 10/31 is 300 units. Compute ending inventory and cost of goods sold under FIFO, LIFO, and Weighted-Average. (b) Assume that Meyer uses the perpetual inventory system. Sales for October are: 10/12, 300 units; 10/13, 200 units; and 10/25, 200 units. Compute ending inventory and total cost of goods sold under FIFO, LIFO, and Moving-

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Unformatted text preview: (2) Ferguson Department Store uses the retail inventory method. On December 31, 2009, the following information relating to the inventory was gathered. Cost Retail Inventory, January 1, 2009………………………. .\$ 26,550 \$ 45,000 Sales………………………………………………. 425,000 Net Purchases……………………………………. . 310,050 435,000 Markups…………………………………………. .. 35,000 Markup Cancellations……………………………. . 5,000 Markdowns………………………………………. . 48,000 Markdown Cancellations…………………………. 8,000 Compute the ending inventory using the conventional (lower-of-cost-or-market) approach to the retail method....
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extra credit - (2 Ferguson Department Store uses the...

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