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ACC201 Principles of Financial Accounting ? Week 2 assignment 2 accounting

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Accounting 1;Accounting: Week 2 Assignment 2;???;ACC201: Principles of Financial Accounting;????-;????????;Accounting 2;4-20 Effect of different inventory cost flow methods on financial statements;Cash $19,000;Beginning inventory $6,750 (75 Units@$90);Common Stock $ 7,500;Retained Earnings $18,250;5 transactions;First cash purchase 100 units @ $92 = 9200;Second cash purchase 175 units @ $100 = 17500;Sales (all cash) 300 units @ $170 = 51000;Paid 15,000 cash for operating expenses;Paid cash for income taxes at the rate of 30% of income before taxes;Cost of Goods Ending Inventory;FIFO: 75 units

 

Paper#20521 | Written in 18-Jul-2015

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