You are given the following information about Meesha N
Question and Solution
You are given the following information about Meesha Novelty's inventory for the month of July. Instructions (a) Calcu
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You are given the following information about Meesha Novelty's inventory for the month of July. Instructions (a) Calculate the cost of goods available for sale and the number of units of ending inventory. (b) Assume Meesha uses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. (c) Assume Meesha uses FIFO perpetual. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. (d) Prepare journal entries to record the July 10 purchase and the July 11 sale using (1) FIFO periodic and (2) FIFO perpetual. Assume both the sale and purchase was for cash. (e) Compare the results of (b) and (c) above and comment. Taking It Further Companies are required to disclose their cost determination method, but not the inventory system (periodic or perpetual). Provide an explanation as to why.
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