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answer pls. YOU MUST USE THE EXCEL TEMPLATE. YOU MUST SHOW YOUR WORK. XYZ Co. had the following unit transactions for Year 1, its first
answer pls. YOU MUST USE THE EXCEL TEMPLATE. YOU MUST SHOW YOUR WORK. XYZ Co. had the following unit transactions for Year 1, its first year of operations. During the year, XYZ Co sold 1,320 units for $26 each. Required A) Compute the amount of ending inventory XYZ Co would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO and (2) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) B) Record the Sale transaction above in T-Accounts assuming the FIFO method. Assume all transactions are cash transactions. Match the following terms to phrases/descriptions/definitions. Income Statement approach (expense) A contra asset account for the estimated amount of receivables that is uncollectible Format that shows subtotals for net sales, cost of goods sold and gross profit Beginning inventory + cost of purchases - ending inventory Amount borrowed Buyer pays for freight and has ownership during transport
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