Attachment # 00000702 - comprehensiveproblem2.docx
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This problem has a value of 10% of the final grade.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: 10% of gradeTs 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: 80% of gradeTs 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: 10% of gradeTs 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.
Accounting - Inventory

Accounting - Inventory

Question # 00004545 Posted By: paul911 Updated on: 12/04/2013 01:39 AM Due on: 12/05/2013
Subject Accounting Topic Accounting Tutorials:
Question
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In this three-part assignment we will use a scenario about merchandise inventory and its corresponding data to perform perform various accounting tasks. Use both data files (attached) to complete the scenario outlined in the Comprehensive Problem 2 Directions file (attached).
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comprehensiveproblem2.docx (25 KB)
comprehensiveproblem2-periodicdata.docx (19.35 KB)
comprehensiveproblem2-perpetualdata.docx (28.34 KB)
Tutorials for this Question
  1. mac123
    Tutorial # 00004342 Posted By: mac123 Posted on: 12/04/2013 01:40 AM
    Puchased By: 15
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    The solution of Accounting - Inventory...
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    ts_1_solution.xlsx (14.65 KB)
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