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Problem 5. Inventory Cost Flows. 15 points Please show ALL work for EVERY transaction. Stan's Wholesale buys canned tomatoes from canneries and sells them to

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Problem 5. Inventory Cost Flows. 15 points Please show ALL work for EVERY transaction. Stan's Wholesale buys canned tomatoes from canneries and sells them to retail markets. Stan's uses the perpetual inventory method so management has the advantage of always having current knowledge of inventory levels. During August 2021, Stan's inventory records showed the following: Cases Unit Price August 1 Beginning Inventory $10.50 August 9 Sale 950 $19.95 August 13 Purchase 1.000 $11.00 4,100 Required: Calculate the cost of goods sold for the month of August and the ending inventory on August 31" using the following cost flow alternatives: LIFO, FIFO, and Weighted Average Calculate unit costs to the nearest cent. LIFO COST FLOW Cost of Goods Sold Date Purchases Inventory Balance Cost per Unit Unse Total Units Cost per Unit = Total Units Cost per UnitTotal August Date FIFO COST FLOW Purchases Cost of Goods Sold Inventory Balance Dnes Content Total Uncat per Ur Te Couette Date WEIGHTED AVERAGE COST FLOW Purchases Cost of Goods Sold Inventory Balance Unit Cost per Unit Totalni Cest per Un Teae Ceat per un total 11 Problem 6. Bank Reconciliation and Journal Entries. 15 points Required: Prepare a bank reconciliation as of September 30. Prepare any necessary adjusting journal entries necessary as a result of the bank reconciliation. Brown Company's bank statement for September 30 showed a cash balance of 51,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of September 30. a. A $125 debit memoranda is included with the bank statement and dealt with a customer's check for S100 marked NSF and returned to Brown Company by the bank. In addition, the bank charged the company's a $25 processing fee. 6. The September 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. A S15 debit memorandum for checks printed by the September 30 bank was included with the canceled checks. d. Outstanding checks amounted to $1,145. e. A customer's note for $900 was collected by the bank. A collection fee of $25 was deducted by the bank and the difference was deposited in the account. f. Included with the canceled checks was a check for $275, drawn on another company, Browne Inc. Date Account Titles and Explanation P.R Debit Credit 12 Bank Reconciliation 13

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