Purchases sales july 3 60 units 12 july 13 75 units

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PurchasesSalesJuly360 units @12July 1375 units1160 units @132230 units2030 units @15Under the FIFO method, the cost of goods sold for each sale is:July 13July 22a.900360b.975390c.915390d.1,125450Ans: C, LO: 7, Bloom: AP, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC:Problem Solving, IMA: Reporting6 - 33
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Test Bank forFinancial Accounting: IFRS Edition,2ea158.During July, the following purchases and sales were made by James Company.There was no beginning inventory. James Company uses a perpetual inventory system.PurchasesSalesJuly360 units @12July 1375 units1160 units @132230 units2030 units @15Under the LIFO method, the cost of goods sold for each sale is:July 13July 226 - 34
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Problem Solving, IMA: Reportinga159.Julian Junkets has the following inventory information.July1Beginning Inventory15 units at \$905Purchases90 units at \$8414Sale60 units21Purchases45 units at \$8730Sale42 unitsAssuming that a perpetual inventory system is used, what is the ending inventory on aFIFO basis?
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Problem Solving, IMA: Reportinga160.Julian Junkets has the following inventory information.July1Beginning Inventory15 units at \$905Purchases90 units at \$8414Sale60 units21Purchases45 units at \$8730Sale42 unitsAssuming that a perpetual inventory system is used, what is the ending inventory(rounded) under the average-cost method?
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Inventoriesa161.A new average cost is computed each time a purchase is made in thea.average-cost method.b.moving-average cost method.c.weighted-average cost method.d.all of these methods.Ans: B, LO: 7, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None,IMA: Business Economic

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