Homework 6 - Emily Leung Accounting 221 March 17th, 2011...

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Emily Leung Accounting 221 March 17 th , 2011 TA: L. Martin Homework: 5-1A, 5-2A, 5-3A, 5-5A, 5-6A, 5-9A, 5-19A (5-1A) For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies. a. In a period of rising prices, net income would be highest. _________________________________________________________ In a period of rising prices, cost of goods sold would be highest. _________________________________________________________ b. In a period of rising prices, ending inventory would be highest. _________________________________________________________ c. In a period of falling prices, the unit cost of goods would be the same for ending inventory and cost of goods sold. _________________________________________________________ (5-2A) Mix Co. started the year with no inventory. During the year purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $1,200 and the other $1,500. One of the items sold during the year.
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Homework 6 - Emily Leung Accounting 221 March 17th, 2011...

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