Accounting for Inventory Sales - Intermittent LIFO example
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Business
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University
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Hard
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7 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the LIFO method and how does it differ from FIFO?
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
Explain the journal entries involved in the January 15th purchase.
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3.
OPEN ENDED QUESTION
3 mins • 1 pt
How is the COGS calculated for the first sale on April 1st?
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4.
OPEN ENDED QUESTION
3 mins • 1 pt
What steps are taken to determine the COGS for the May purchase?
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5.
OPEN ENDED QUESTION
3 mins • 1 pt
Describe how the total revenue is calculated from the sales.
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6.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the gross profit and how is it derived from sales revenue and COGS?
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OFF
7.
OPEN ENDED QUESTION
3 mins • 1 pt
How is the ending inventory determined using the LIFO method?
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OFF
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