I-08.02 Worksheet

I-08.02 Worksheet - I-08.02 (c) Weighted-average Beginning...

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Name: Date: Section: I-08.02 (a) FIFO Purchases 50 units @ $15,000 each 70 units @ $16,000 each 30 units @ $16,500 each 90 units @ $17,000 each 25 units @ $17,200 each Beginning inventory - $ Plus: Purchases - Cost of goods available for sale - $ Less: Ending inventory - Cost of goods sold - $ Sales - $ Cost of goods sold - Gross profit - $ (b) LIFO Beginning inventory - $ Plus: Purchases - Cost of goods available for sale - $ Less: Ending inventory - Cost of goods sold - $ Sales - $ Cost of goods sold - Gross profit - $ 1 of 2
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Unformatted text preview: I-08.02 (c) Weighted-average Beginning inventory-$ Plus: Purchases-Cost of goods available for sale-$ Less: Ending inventory-Cost of goods sold-$ Sales-$ Cost of goods sold-Gross profit-$ (d) The highest gross profit is produced under __________. The most current cost in inventory is reported under __________. The most current cost on the income statement is reported under __________. The lowest profit and tax obligation is produced under __________. 2 of 2...
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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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I-08.02 Worksheet - I-08.02 (c) Weighted-average Beginning...

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