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PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement. Assume a tax rate of 25%.
WRIGHT COMPANY
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Income Statement
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For the Month Ended December 31, 2014
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Sales Revenues
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Account title
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Amount
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Account title
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Amount
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Account title
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Amount
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Net Sales
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Cost of goods sold
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Gross profit
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Amount
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Operating Expenses
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Account title
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Amount
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Account title
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Amount
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Account title
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Amount
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Account title
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Amount
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Account title
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Amount
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Account title
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Amount
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Account title
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Amount
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Total operating expenses
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Amount
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Income from operations
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Amount
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Other revenues and gains
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Account title
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Amount
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Other expenses and losses
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Account title
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Amount
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Amount (Total)
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Income before income taxes
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Income tax expense
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Net Income
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P5-5B
An inexperienced accountant prepared this condensed income statement for
Wright Company, a retail firm that has been in business for a number of years.
WRIGHT COMPANY
Income Statement
For the Year Ended December 31, 2014
Revenues
Net sales $952,000
Other revenues 16,000
968,000
Cost of goods sold 548,000
Gross profit 420,000
Operating expenses
Selling expenses 160,000
Administrative expenses
104,000
264,000
Net earnings $156,000
As an experienced, knowledgeable accountant, you review the statement and determine
the following facts.
1. Net sales consist of sales $972,000, less freight-out on merchandise sold $20,000.
2. Other revenues consist of sales discounts $12,000 and interest revenue $4,000.
3. Selling expenses consist of salespersons’ salaries $88,000; depreciation on equip-
ment $4,000; sales returns and allowances $46,000; advertising $12,000; and sales
commissions $10,000. All compensation should be recorded as Salaries and Wages
Expense.
4. Administrative expenses consist of office salaries $54,000; dividends $14,000; utili-
ties $13,000; interest expense $3,000; and rent expense $20,000, which includes
prepayments totaling $2,000 for the first month of 2015. The utilities represent
utilities paid. At December 31, utility expense of $3,000 has been incurred but not
paid.
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
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Explanation
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Units
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Unit Cost
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Total Cost
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Total
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(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
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(2) Cost of Goods Sold
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Date
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Units
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Unit Cost
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Total Cost
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Cost of goods available for sale
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Amount
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Amount
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Amount
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Less: ending inventory
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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Cost of Goods Sold
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Amount
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Proof of Cost of Goods Sold (FIFO)
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Date
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Units
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Unit Cost
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Total Cost
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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LIFO
(1) Ending Inventory
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(2) Cost of Goods Sold
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Date
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Units
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Unit Cost
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Total Cost
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Cost of goods available for sale
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Amount
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Amount
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Amount
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Less: ending inventory
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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Cost of Goods Sold
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Amount
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Proof of Cost of Goods Sold (LIFO)
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Date
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Units
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Unit Cost
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Total Cost
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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AVERAGE COST (Round to the nearest decimal, i.e., $1.01)
(1) Ending Inventory
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(2) Cost of Goods Sold
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Units
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Unit Cost
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Total Cost
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Cost of goods available for sale
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Amount
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Amount
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Amount
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Less: ending inventory
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Amount
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Total
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Amount
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Total
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Amount
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Cost of Goods Sold
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Amount
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(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
P6-2B
Lifetime Distribution markets classic children’s books. At the beginning of June, Lifetime had in beginning inventory 1,200 books with a unit cost of $3. During June, Life- time made the following purchases of books.
June 3 4,000 @ $3 June 29 4,000 @ $6
June 18 7,500 @ $5
During June, 10,500 books were sold. Lifetime uses a periodic inventory system.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Note: For average-cost, round cost per unit to three decimal places.)
(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
Problem 6-3B
(a) Determine the Cost of Goods Available for Sale
Date
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Explanation
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Units
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Unit Cost
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Total Cost
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Total
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(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average-cost). Prove the accuracy of the cost of goods sold under each method.
FIFO
(1) Ending Inventory
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(2) Cost of Goods Sold
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Date
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Units
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Unit Cost
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Total Cost
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Cost of goods available for sale
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Amount
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Amount
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Amount
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Less: ending inventory
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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Cost of Goods Sold
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Amount
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Proof of Cost of Goods Sold (FIFO)
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Date
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Units
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Unit Cost
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Total Cost
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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LIFO
(1) Ending Inventory
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(2) Cost of Goods Sold
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Date
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Units
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Unit Cost
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Total Cost
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Cost of goods available for sale
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Amount
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Amount
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Amount
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Less: ending inventory
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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Cost of Goods Sold
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Amount
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Proof of Cost of Goods Sold (LIFO)
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Date
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Units
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Unit Cost
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Total Cost
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Amount
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Total
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Amount
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Total
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Amount
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AVERAGE COST (Round to the nearest decimal, i.e., $1.01)
(1) Ending Inventory
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(2) Cost of Goods Sold
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admin2023-10-19 04:46:012023-10-19 04:46:01PROBLEM 5-5B, Problem 6-2B, Problem 6-3BIn today’s fast-paced academic environment, students often find themselves juggling multiple responsibilities, from attending classes and working part-time jobs to participating in extracurricular activities. The demands of modern education can be overwhelming, leaving students in search of effective solutions to manage their academic workload efficiently. One such solution is the use of Nursingpapertutors.com academic writing website. Nursingpapertutors.com academic writing website employ a cadre of experienced and knowledgeable writers who are well-versed in various academic subjects and writing styles. Nursingpapertutors.com professionals bring a wealth of expertise to the table, enabling them to produce well-researched and well-structured papers that meet the academic standards and expectations of students. Their familiarity with diverse subjects ensures that students can receive assistance across a wide spectrum of disciplines, from mathematics to literature, and from nursing to engineering.
Question #1: (2 page requirement) From the text, Colonial Latin America, describe the society that was constructed in Latin America as a result of European conquest and colonialism beginning in the 16th century. Include the social hierarchies based on ideas about race and racial mixture, labor requirements or restrictions, the status of women, the role of the Catholic Church and the relationship to the ruling powers in Europe. You may focus on one specific country in Latin America or write about how colonialism developed as a whole in Latin America. Use examples from the book and include the page number where you found the examples. (15 pts.)
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admin2023-10-19 04:45:392023-10-19 04:45:39homework for smart-solverIn today’s fast-paced academic environment, students often find themselves juggling multiple responsibilities, from attending classes and working part-time jobs to participating in extracurricular activities. The demands of modern education can be overwhelming, leaving students in search of effective solutions to manage their academic workload efficiently. One such solution is the use of Nursingpapertutors.com academic writing website. Nursingpapertutors.com academic writing website employ a cadre of experienced and knowledgeable writers who are well-versed in various academic subjects and writing styles. Nursingpapertutors.com professionals bring a wealth of expertise to the table, enabling them to produce well-researched and well-structured papers that meet the academic standards and expectations of students. Their familiarity with diverse subjects ensures that students can receive assistance across a wide spectrum of disciplines, from mathematics to literature, and from nursing to engineering.
For this assignment, you will explore the official sources of crime data. Crime data is the foundation for theory building. Crime data makes it important for criminologists to identify patterns. Patterns help researchers and policy makers determine the best paths and solutions. Patterns also indicate if something is a onetime occurrence or a recurrent phenomenon.
Tasks:
Read your textbook as well as any external source to prepare an 8 to 10 slide Microsoft PowerPoint presentation. In your presentation:
- Identify four sources of crime data.
- Identify the data collection methods as well as the agencies in charge of the data.
- Describe the types of data collected (for example, crimes committed, offender data, and victim data).
- Describe the pros and cons of each data set.
- Describe three crime trends from the identified sources of crime data.
Note: Include a reference page formatted in APA style that links back to your in-text citations and supports your recommendations. Remember, you must have both in-text citations and references because they are linked to each other.
One of the significant challenges students face is time management. The demands of coursework, assignments, and exams can create immense pressure, leading to stress and a potential drop in academic performance. Nursingpapertutors.com academic writing website can be a valuable resource for students seeking to balance their responsibilities effectively. By outsourcing some of their academic tasks, students can free up time to focus on studying, participating in meaningful extracurricular activities, or even addressing personal obligations. This improved time management can alleviate the stress associated with academic overload. The ultimate goal of education is to enhance one’s knowledge and skills. Nursingpapertutors.com academic writing websites can play a vital role in achieving this goal by providing students with well-crafted papers that serve as models for their own work. These papers can offer valuable insights into effective research, organization, and writing, thereby empowering students to improve their academic performance over time.
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admin2023-10-19 04:45:332023-10-19 04:45:33ASAPIn today’s fast-paced academic environment, students often find themselves juggling multiple responsibilities, from attending classes and working part-time jobs to participating in extracurricular activities. The demands of modern education can be overwhelming, leaving students in search of effective solutions to manage their academic workload efficiently. One such solution is the use of Nursingpapertutors.com academic writing website. Nursingpapertutors.com academic writing website employ a cadre of experienced and knowledgeable writers who are well-versed in various academic subjects and writing styles. Nursingpapertutors.com professionals bring a wealth of expertise to the table, enabling them to produce well-researched and well-structured papers that meet the academic standards and expectations of students. Their familiarity with diverse subjects ensures that students can receive assistance across a wide spectrum of disciplines, from mathematics to literature, and from nursing to engineering.
Assume that you are planning to purchase a business in 10 years. You anticipate the purchase price will be $500,000 and you will need a 20% down payment.
- At a 6% rate of return, how much do you need to save each year to accumulate the down payment?
- If you need 25%, and the rate of return is 5%, how much do you need to save each year?
- For the percentage of the price you need to borrow, and considering the current phase of the business cycle, would you prefer a fixed or variable rate loan, assuming that you will have a 10 year payoff? Why?
- Now assume that you will own the business for 15 years, and that it will grow at an annualized rate of 12%. Using the same $500,000 purchase price, what will be your selling price at the end of 10 years?
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Thoroughly explain and answer the questions above in a Word document. |
One of the significant challenges students face is time management. The demands of coursework, assignments, and exams can create immense pressure, leading to stress and a potential drop in academic performance. Nursingpapertutors.com academic writing website can be a valuable resource for students seeking to balance their responsibilities effectively. By outsourcing some of their academic tasks, students can free up time to focus on studying, participating in meaningful extracurricular activities, or even addressing personal obligations. This improved time management can alleviate the stress associated with academic overload. The ultimate goal of education is to enhance one’s knowledge and skills. Nursingpapertutors.com academic writing websites can play a vital role in achieving this goal by providing students with well-crafted papers that serve as models for their own work. These papers can offer valuable insights into effective research, organization, and writing, thereby empowering students to improve their academic performance over time.
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admin2023-10-19 04:45:202023-10-19 04:45:20New Business Loan – Assume that you are planning to purchase a business in 10 years. You anticipate the purchase price will be $500,000 and you will need a 20% down payment.In today’s fast-paced academic environment, students often find themselves juggling multiple responsibilities, from attending classes and working part-time jobs to participating in extracurricular activities. The demands of modern education can be overwhelming, leaving students in search of effective solutions to manage their academic workload efficiently. One such solution is the use of Nursingpapertutors.com academic writing website. Nursingpapertutors.com academic writing website employ a cadre of experienced and knowledgeable writers who are well-versed in various academic subjects and writing styles. Nursingpapertutors.com professionals bring a wealth of expertise to the table, enabling them to produce well-researched and well-structured papers that meet the academic standards and expectations of students. Their familiarity with diverse subjects ensures that students can receive assistance across a wide spectrum of disciplines, from mathematics to literature, and from nursing to engineering.
What 2 numbers multiply to get -72, and add up to get -1?
One of the significant challenges students face is time management. The demands of coursework, assignments, and exams can create immense pressure, leading to stress and a potential drop in academic performance. Nursingpapertutors.com academic writing website can be a valuable resource for students seeking to balance their responsibilities effectively. By outsourcing some of their academic tasks, students can free up time to focus on studying, participating in meaningful extracurricular activities, or even addressing personal obligations. This improved time management can alleviate the stress associated with academic overload. The ultimate goal of education is to enhance one’s knowledge and skills. Nursingpapertutors.com academic writing websites can play a vital role in achieving this goal by providing students with well-crafted papers that serve as models for their own work. These papers can offer valuable insights into effective research, organization, and writing, thereby empowering students to improve their academic performance over time.
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admin2023-10-19 04:45:192023-10-19 04:45:19What 2 numbers multiply to get -72, and add up to get -1?
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