B-08.04 Problem

B-08.04 Problem - values would be assigned to ending...

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B-08.04 Patti Devine owns Devine Decorating. One of her most popular items is the Remind-a- Chime digital clock. This programmable clock issues "voice-based" reminders of important events like birthdays, anniversaries, etc. Following is the Remind-a-Clock inventory activity for January. The clocks on hand at January 1 had a unit cost of $140. Date Purchases Sales Units on Hand 1-Jan 40 5-Jan 60 units @ $150 each 100 16-Jan 70 units @ $255 each 30 23-Jan 90 units @ $170 each 120 28-Jan 55 units @ $295 each 65 (a) If Devine uses the first-in, first-out (FIFO) inventory method (periodic approach), what
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Unformatted text preview: values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (b) If Devine uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (c) If Devine uses the weighted-average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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