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AC114_Accounting1.IvanRivera6.UNIT_9

# AC114_Accounting1.IvanRivera6.UNIT_9 - \$288 Total \$14,893...

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Exercise 7-11 Name: Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect entry in the gray outlined cells. Unit Unit Total Inventory Cost Market Lower Commodity Quantity Price Price Cost Market of C or M Aquarius 20 \$80 \$92 \$1,600 \$1,840 \$1,600 Capricorn 50 70 65 3,500 3,250 3,250 Leo 8 300 280 2,400 2,240 2,240 Scorpio 30 40 30 1,200 900 900 Taurus 100 90 94 9,000 9,400 9,000 Total \$17,700 \$17,630 \$16,990

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Problem 7-3A Name: Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear to the right of an incorrect amount in the outlined cells. Model Quantity Unit Cost Total Cost BB900 18 \$225 \$4,050 12 \$222 \$2,664 C911 2 \$70 \$140 2 \$65 \$130 L100 4 \$317 \$1,268 N201 2 \$535 \$1,070 2 \$530 \$1,060 Q73 6 \$542 \$3,252 1 \$549 \$549 Z120 2 \$232 \$464 ZZRF 12 \$78 \$936 Total \$15,583 Model Quantity Unit Cost Total Cost BB900 27 \$213 \$5,751 3 \$215 \$645 C911 4 \$60 \$240 L100 4 \$305 \$1,220 N201 2 \$520 \$1,040 2 \$527 \$1,054 Q73 6 \$520 \$3,120 1 \$531 \$531 Z120 2 \$222 \$444 ZZRF 8 \$70 \$560 4 \$72

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Unformatted text preview: \$288 Total \$14,893 Model Quantity Unit Cost Total Cost BB900 30 \$218 \$6,540 C911 4 \$63 \$252 L100 4 \$311 \$1,244 N201 4 \$528 \$2,112 Q73 7 \$534 \$3,738 Z120 2 \$227 \$454 ZZRF 12 \$74 \$888 Total \$15,228 1 . First-In, First-Out Method (list most recent purchases first for each item) 2. Last-In, First-Out Method (list oldest purchases first for each item) 3. Average Cost Method 4. a. Enter your response below. Rising Prices would be better to use LiFo since it shows less profit when the high cost items are being put into inventory. The high cost of units opposed or compared to the sale is not much so the profit is less theirfore the business can benefit from taxes. 4. b. Enter your response below. Declining prices would be best to use the FiFo because the first items sold are smaller amount but the inventory at hand would be shown at a higher price remainding as unsold and part of an expense....
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AC114_Accounting1.IvanRivera6.UNIT_9 - \$288 Total \$14,893...

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