B-08.05 Problem

B-08.05 Problem - 5 $11 Sale, day 2 6 Purchase, day 3 8 $12...

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B-08.05 Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation. Tom has inserted hypothetical data into the computer program that tracks inventory on a perpetual basis. Below are the hypotheical data inserted by Tom: Transaction Units Cost per unit Beginning inventory 10 $10 Purchase, day 1
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Unformatted text preview: 5 $11 Sale, day 2 6 Purchase, day 3 8 $12 9 Sale, day 4 The computer program returned the following ending inventory values: FIFO Perpetual, $96 LIFO Perpetual, $80 Moving average, $88 Which of the three values appears to be incorrect, and what "error" might be causing this condition?...
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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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