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Please fill in the blanks for the questions. 2. With the following information, calculate the ending inventory and COGS and gross profit under FIFO, LIFO
Please fill in the blanks for the questions.
2. With the following information, calculate the ending inventory and COGS and gross profit under FIFO, LIFO and weighted average under the periodic inventory systeme Beginning inventory 150 @ 334 Purchase 280 @ 34 Sale 150 @ 50- Sale 140 @ 50 Purchase 120 @ 324 @ Sale 80 @ 50- Purchase 90 @ 36- Sale 70 @ 504 FIFO LIFO Weighted Average Ending Inventory COGS Gross Profite Use the information above and complete the worksheet for perpetual inventory system, assuming weighted average Purchasese Unit coste e COGS Unit coste Inventory Unit coste Qtye Total Qtye Total Total Qty e t e e e e e e 3. What are the effects on the accounting equation assuming that: a. Adjusting entry for depreciation was omitted - Balance Sheet Income Stmt b. Adjusting entry for accrued wages was omitted - Balance Sheet Income Stmt 4. Correct (not reverse) the following entries: Customer paid 1,500 on account 5,100 Cash e A/pe 5,100 e Owner invested $10,000 cash and computer with FMV of $800 10,800 Cash e Revenue 10,800 e eStep by Step Solution
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