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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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guapka [62]

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr                    $4,100

Equipment A/c Dr           $23,000

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          To Account payable                $16,000      

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(Being all adjustments are recorded and the remaining balance is credited to Rodriguez's Capital.

Remaining balance is calculated by

= Cash A/c + Equipment A/c + Furniture A/c - Accounts payable

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3 years ago
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Answer:

The correct answer is the letter a. "Make more than 20 wedding cakes a month."

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The selection process in a high-involvement management organization involves selecting new hires based upon:
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3 0
3 years ago
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