Help with Accounting! FIFO and LCM

Anonymous
timer Asked: Mar 1st, 2018
account_balance_wallet $20

Question description

Looking for help with my accounting work. Please fill in the highlighted blue squares/boxes in each of the tables. Half of the blue boxes have already been filled in by me. Please explain how you reached each conclusion whether it is calculations or if you used common rules.

Help with Accounting!  FIFO and LCM
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Help with Accounting!  FIFO and LCM
screen_shot_2018_02_28_at_9.05.19_pm.png
Help with Accounting!  FIFO and LCM
screen_shot_2018_02_28_at_9.05.21_pm.png

Tutor Answer

anamae12
School: UC Berkeley

Hi I have done it :)

Jaffa Company

Question 1

First of all before working on the income statement you work first on inventory.
To find the closing stock because the inventory system was changed from FIFO to LCM
Therfore;
Item
Quantity
Unit Cost
Unit Market
A
3.090
3,4
4,4
B
1.540
5,4
3,9
C
7.140
1,9
3,9
D
3.240
6,4
4,4

Under t...

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Review

Anonymous
Totally impressed with results!! :-)

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