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Please answer part a, b, c, and d. JJim's Mulch Co. buys mulch and resells it directly to consumers. Due to the nature of their

Please answer part a, b, c, and d. image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

JJim's Mulch Co. buys mulch and resells it directly to consumers. Due to the nature of their inventory, they employ the last-in first-out (LIFO) method. At the beginning of the year, Jim's Mulch Co. had 62 bags of mulch which had been purchased at $2 per bag. In April. Jim's Mulch Co. bought 50 bags for $5 per bag. In September, Jim's Mulch Co. sold 82 bags of mulch for $12 per bag. In December, Jim's Mulch Co. bought 26 bags of mulch for $8 per bag. What is the cost of goods sold by Jim's Mulch Co. during the year? Your Answer: Answer Slugging Baseball Co. buys and sells baseballs. They employ the weighted average method of inventory valuation. At the beginning of the year, Slugging Baseball Co. had 201 baseballs which had been purchased at $1.40 per baseball. In June. Slugging Baseball Co. bought 331 baseballs for $2.20 per baseball. In September, Slugging Baseball Co. sold 400 baseballs for $6.70 per baseball. In December, Slugging Baseball Co. bought 430 baseballs for $3.50 per baseball. What is the value of inventory held by Slugging Baseball Co. at the end of the year? Your Answer: Answer Bright Toys Inc. buys and sells children's toys. Due to the nature of their inventory, they employ the first-in first-out (FIFO) method. At the beginning of the year, Bright Toys Inc. had 340 toys which had been purchased at $3 per toy. In March. Bright Toys Inc. bought 735 toys for $6 per toy. In August, Bright Toys Inc. sold 812 toys for $10 per toy. In November, Bright Toys Inc. bought 218 toys for $8 per toy. What is the cost of goods sold by Bright Toys Inc. during the year? Your Answer: Answer Mugs Art Co. sells fine art pieces. Due to the nature of their inventory, they employ the specific identification method. At the beginning of the year, Mugs Art Co. had four pieces of art available for sale: a painting of a cat costing $1,000, a painting of Nashville costing $1,100, a painting of a sloth costing $1,000, and a photograph of an elephant costing $1,200. During the year, Mugs Art Co. sold the painting of Nashville for $4,000 and the painting of the sloth for $3,600. In addition, Mugs Art Co. purchased a photograph of a fox for $1,100. What is the cost of goods sold during the year? Your

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