Bristol Sales had the following transactions for DVDs in 2004, its first year of operations. During the

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Bristol Sales had the following transactions for DVDs in 2004, its first year of operations.

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During the year, Bristol Sales sold 775 DVDs for $$60$ each.

Required:

a. Compute the amount of ending inventory Bristol would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average.

b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.

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Survey Of Accounting

ISBN: 9780077503956

1st Edition

Authors: Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay

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Question Posted: May 13, 2024 06:02 AM

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Bristol Sales had the following transactions for DVDs in 2004, its first year of operations. During the

Question:

Jan. 20 Purchased 75 units @ $17 $1,275 Apr. 21 Purchased 450 units @ $19 8,550 July 25 Purchased 200 units @ $23 4,600 Sept. 19 Purchased 100 units @ $29 2,900

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Survey Of Accounting

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