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  • At The End of January 2015 The Records of Regina

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    hassan taimour
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    The records of Regina Company in January 2015 showed inventory information for an item sold at $18 per unit. Students are asked to prepare inventory statements using weighted-average, FIFO, and specific identification costing methods. They also must determine which method results in the highest pretax earnings, lowest tax expense, and most favorable cash flow and explain their answers. Journal entries for January 2015 are to be prepared assuming FIFO costing.

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    At the End of January 2015 the Records of Regina

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    The records of Regina Company in January 2015 showed inventory information for an item sold at $18 per unit. Students are asked to prepare inventory statements using weighted-average, FIFO, and specific identification costing methods. They also must determine which method results in the highest pretax earnings, lowest tax expense, and most favorable cash flow and explain their answers. Journal entries for January 2015 are to be prepared assuming FIFO costing.

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    9 views1 page

    At The End of January 2015 The Records of Regina

    Uploaded by

    hassan taimour
    The records of Regina Company in January 2015 showed inventory information for an item sold at $18 per unit. Students are asked to prepare inventory statements using weighted-average, FIFO, and specific identification costing methods. They also must determine which method results in the highest pretax earnings, lowest tax expense, and most favorable cash flow and explain their answers. Journal entries for January 2015 are to be prepared assuming FIFO costing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    At the end of January 2015 the records of Regina #998

    At the end of January 2015, the records of Regina Company showed the following for a
    particular item that sold at $ 18 per unit:Required:1. Assuming the use of a perpetual inventory
    system, prepare a summarized statement through gross profit on sales under each of the
    following inventory costing methods:(a) weighted-average cost(b) FIFO(c) Specific identification,
    assuming that the company is permitted to use this method.For specific identification, assume
    that the first sale was out of the beginning inventory and the second sale was out of the January
    12 purchase. Show the inventory computations in detail.2. Which method would result ina. The
    highest pretax earnings?b. The lowest income tax expense?c. The most favourable cash
    flow?Explain.3. Prepare journal entries to record the transactions that occurred in January 2015,
    assuming that FIFO is used for inventory costing.View Solution:
    At the end of January 2015 the records of Regina

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