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Key Code:
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1. First-In, First-Out Method (list most recent purchases first for each item)
Model Quantity Unit Cost Total Cost
C55
D11
F32
H29
K47
S33
X74
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Last-In, First-Out Method (list oldest purchases first for each item)
Model Quantity Unit Cost Total Cost
C55
D11
F32
H29
K47
S33
X74
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Average Cost Method
Model Quantity Unit Cost Total Cost
C55
D11
F32
H29
K47
S33
X74
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
a. In periods of rising prices, the will result in lower
cost of inventory, a greater amount of cost of merchandise sold, lower net income, and
less taxes in the current year.
b. In periods of falling prices, the will result in lower
net income and would be preferred for income tax purposes.
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0%
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Instructions
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Problem 6-5B
Name:
Section:
Key Code:
1. First-In, First-Out Method (list most recent purchases first for each item)
Model Quantity Unit Cost Total Cost
C55 3 1,070$ 3,210$
1 1,060 1,060
2. Last-In, First-Out Method (list oldest purchases first for each item)
Model Quantity Unit Cost Total Cost
C55 3 1,040$ 3,120$
3. Average Cost Method
Model Quantity Unit Cost Total Cost
C55 4 1,056$ 4,224$
Instructions
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Problem 6-5B
Name:
Solution
Section:
ON
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