Question
Use the following information from Key Company for the month of July to answer questions 1 through 4: July 1 Beg. Inventory 75 Units @
Use the following information from Key Company for the month of July to answer questions 1 through 4:
| July 1 | Beg. Inventory | 75 Units @ $25 each |
| July 3 | Purchase | 348 Units @ $27 each |
| July 8 | Sale | 300 Units |
| July 15 | Purchase | 257 Units @ $28 each |
| July 23 | Sale | 275 Units |
- Assume that Key uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?
| Date | Beg. Inv. | Purchase | Sale | End. Inv. |
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- Assume that Key uses a perpetual LIFO inventory system. What is the dollar value of its ending inventory?
| Date | Beg. Inv. | Purchase | Sale | End. Inv. |
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- Assume that Key uses a perpetual weighted average inventory system. What is the dollar value of its ending inventory?
| Date | Beg. Inv. | Purchase | Sale | End. Inv. |
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- Assume that Key uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units form the July 3 purchase, and 45 units from the July 15 purchase. What is the dollar value of its ending inventory? (No chart like other problems necessary Do not overthink the information)
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Auditing And Financial Management Marine Corps Logistics System Could Be Drastically Reduced By Greater Reliance On Integrated Managers LCD 74-434
Authors: U. S. Government Accountability Office
1st Edition
1287198090, 978-1287198093
