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can someone check my final answers for problem 3? if they are incorrect, can you write and highlight the correct answers in the second attached
can someone check my final answers for problem 3? if they are incorrect, can you write and highlight the correct answers in the second attached document not the first?
PROBLEM 3 1. Cost of the ending inventory -> Beginning inventory (at cost) + purchases (at cost) 225,000 + 335,000 = 560,000 600,000 - 560,000 = 40,000 2. Inventory at cost = (beginning inventory + purchases) - sales (75,000 +150,000) - 135,000 = 90,000 3. D. All of the above 4. A. is computed by dividing average inventory by cost of merchandise sold 5. A. Merchandise Inventory is debited 6. E. None 7. $1,400 8. C. 620 9. A. Fifo 10. Perodic 11. A. Average cost 12. D. Weighted Average 13. Cost of goods sold/ inventory -> (Beginning inventory + ending inventory)/2 100,000 + 120,000 = 220,000/2 = 110,000 Cost of goods sold/ 110,000 = 10,000,000/110,000 = 90.91 14. The inventory turnover of the other company having 90 turnover compared to this industry having 40 turnover is better.Step by Step Solution
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