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Vesna [10]
3 years ago
9

Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. Th

e first purchase cost $1,060 and the other, $1,380. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of following cost flow assumptions: FIFO? LIFO? Weighted average?

Business
1 answer:
Over [174]3 years ago
6 0

Answer:

FIFO LIFO Weighted average

Cost of goods sold 1,060 1,380 (1,060 + 1,380)/2 = $1,220

Ending inventory 1,380 1,060 (1,060 + 1,380)/2 = $1,220

Explanation:

Attached is the tabulated solutions

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________ are special incentives or excitement-building programs that encourage consumers to purchase a particular product, often
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True or False:
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Answer:

Check the explanation

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4 0
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Suppose you believe that Florio Company's stock price is going to decline from its current level of $82.50 sometime during the n
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natita [175]

Answer:

You will pay back the lender exactly <u>$21,000</u>, which will represent <u>$20,600</u> of purchasing power.

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you will pay back the lender exactly $21,000, which will represent $20,600 of purchasing power.

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