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Please answer all questions with work shown. Thanks! I need help with the following questions #'s 7-17. Use the following to answer questions 7-17 During
Please answer all questions with work shown. Thanks!
I need help with the following questions #'s 7-17.
Use the following to answer questions 7-17 During September, the company sells 880 watches for $250.00 each. The company has the following inventory purchase transactions for September: 7. $ What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation.| 8. $ Calculate ending inventory (FIFO) 9. $ Calculate cost of goods sold (FIFO) 10. : Calculate gross profit (FIFO) For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation. 11. Calculate ending inventory (LIFO) 12. : Calculate cost of goods sold (LIFO) 13. $ Calculate gross profit (LIFO) For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation. 14. \$_Calculate ending inventory (WA) 15. : Calculate cost of goods sold (WA) 16. : Calculate gross profit (WA) 17. Based on the above, which method would show a larger net income number? (FIFO, LIFO or WA) Use the following to answer questions 18 - 21 The company begins the year with inventory of $50,000 and ends the year with inventory of $60,000. During the year, the following amounts are recordedStep by Step Solution
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