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quiz 6 - Fa09

quiz 6 - Fa09 - [email protected]$34 Nov.20 [email protected]$37 Sep 21 [email protected]$32 Dec.20...

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Name_______________________4-Digit #_______Section____________ Inventory Methods: [093Q6] This quiz includes the perpetual and periodic inventory systems in connection with FIFO and LIFO methods only. Specifically, weighted average is not included here. The basic data are presented below for the three years covered by the example: Year 2-Year 4. There were 50 units in beginning inventory at the start of Year 2. Each of these units had a cost basis of $12 per unit. Year 2 Year 3 Year 4 Purchases Feb. 5 [email protected]$11 Feb.22 [email protected]$14 Jun.18 [email protected]$17 Apr. .13 [email protected]$12 Apr. 20 [email protected]$15 Aug.30 [email protected]$18 Oct. .30 [email protected]$13 Dec.12 [email protected]$16 Sales Jan.15 [email protected]$30 Jan.15 [email protected]$33 Jul.16 [email protected]$36 Jun. 15 [email protected]$31 Jul.30
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Unformatted text preview: [email protected]$34 Nov.20 [email protected]$37 Sep. 21 [email protected]$32 Dec.20 [email protected]$35 Sales and purchases are the same numbers for a particular year regardless of the inventory method being used. Sales figures for Year 2-Year 4 are $11,470, $26,320 and $15,640, respectively. Purchases for the same three years, respectively, are $6,420, $8,780 and $8,360. Ending Inventories: ●Perpetual/Periodic FIFO Year 2 $2710 ■Perpetual LIFO Year 2 $2700 ●Periodic LIFO Year 2 $2390 ■Perpetual/Periodic FIFO Year 3 $640 ●Perpetual LIFO Year 3 $490 ■Periodic LIFO Year 3 $480 ●Perpetual/Periodic FIFO Year 4 $1620 ■Perpetual LIFO Year 4 $1380 ●Periodic LIFO Year 4 $1330...
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