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Question;TsIzzWe (Ts) is a;company that purchases T shirts from the manufacturer, Frootyluums (Frooty) and;sells them to college students through the college bookstore, Rskoolstore;(RSkool). Ts has hired you to be the;accountant for the company.;PART 1;Ts is concerned about paying taxes and has asked you to;explain which inventory flow system would be the best one to use to minimize;the taxes that are paid on the profits.;Based upon this request, which one would you recommend? Support your position by explaining the;differences of the inventory flow systems.;PART 2;Ts has decided to follow your advice and use the;inventory flow method that you recommended with its perpetual inventory;system. Using the data provided for transactions that occurred during August;determine the Gross Profit at the end of the period.;PART 3;Ts had used the periodic inventory system prior to;switching to the perpetual inventory system.;Using the data provided for transactions that occurred during that time;determine the Gross Profit for that period using the Average Cost Inventory;Flow Method.

 

Paper#40129 | Written in 18-Jul-2015

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