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AC114_TEXTBOOK_EXERCISES_Waugh_UNIT_9

# AC114_TEXTBOOK_EXERCISES_Waugh_UNIT_9 - 1 \$531 \$531 Z120 2...

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Exercise 7-11 Name: Amanda Waugh 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: Amanda Waugh 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

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Unformatted text preview: 1 \$531 \$531 Z120 2 \$222 \$444 ZZRF 8 \$70 \$560 4 \$72 \$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. In periods of rising prices the best method to use for income tax purposes would be the LIFO method. This method will sell the more costly items first and give a bigger decuction later. 4. b. Enter your response below. In periods of declining prices, the FIFO method would be the best to use for income tax purposes. The reason for this is the net income is reduced and therefore the taxable income would be reduced as well....
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