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    Best Yet Electronic Center Began October With 100 Units of

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    hassan taimour
    Best Yet Electronic Center began October with 100 units of inventory costing $78 each. During the month they made purchases of 40 units for $80 each, 60 units for $82 each, and 40 units for $94 each. Their physical count on October 31st was 130 units. They use periodic inventory and the question requires determining ending inventory, cost of goods sold, and gross profit for October using FIFO, LIFO, and weighted average costing methods.

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    Best Yet Electronic Center Began October With 100 Units of

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    hassan taimour
    4 views1 page
    Best Yet Electronic Center began October with 100 units of inventory costing $78 each. During the month they made purchases of 40 units for $80 each, 60 units for $82 each, and 40 units for $94 each. Their physical count on October 31st was 130 units. They use periodic inventory and the question requires determining ending inventory, cost of goods sold, and gross profit for October using FIFO, LIFO, and weighted average costing methods.

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    Best Yet Electronic Center began October with 100 units of inventory costing $78 each. During the month they made purchases of 40 units for $80 each, 60 units for $82 each, and 40 units for $94 each. Their physical count on October 31st was 130 units. They use periodic inventory and the question requires determining ending inventory, cost of goods sold, and gross profit for October using FIFO, LIFO, and weighted average costing methods.

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    Download as PDF, TXT or read online from Scribd
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    4 views1 page

    Best Yet Electronic Center Began October With 100 Units of

    Uploaded by

    hassan taimour
    Best Yet Electronic Center began October with 100 units of inventory costing $78 each. During the month they made purchases of 40 units for $80 each, 60 units for $82 each, and 40 units for $94 each. Their physical count on October 31st was 130 units. They use periodic inventory and the question requires determining ending inventory, cost of goods sold, and gross profit for October using FIFO, LIFO, and weighted average costing methods.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Best Yet Electronic Center began October with 100 units of

    #406
    Best Yet Electronic Center began October with 100 units of merchandise inventory that cost $78
    each. During October, the store made the following purchases:Oct. 3 ...... 40 units @ $ 80
    each12 ...... 60 units @ $ 82 each18 ...... 40 units @ $ 94 eachBest Yet uses the periodic
    inventory system, and the physical count at October 31 indicates that 130 units of merchandise
    inventory are on hand.Requirements1. Determine the ending merchandise inventory and cost of
    goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-
    average inventory costing methods.2. Sales revenue for October totaled $23,000. Compute
    Best Yets gross profit for October using each method.3. Which method will result in the lowest
    income taxes for Best Yet? Why? Which method will result in the highest net income for Best
    Yet? Why?View Solution:
    Best Yet Electronic Center began October with 100 units of

    ANSWER
    http://paperinstant.com/downloads/best-yet-electronic-center-began-october-with-100-units-of/

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