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At the beginning of July, Pulman Luggage holds 15 units of its only product with a per-unit cost of $140. During July, Pulman sells 40 units. A summary of purchases during the current period follows: At the beginning of July, Pulman Luggage holds 15 units of its only product with a per-unit cost of $140. During July, Pulman sells 40 units. A summary of purchases during the current period follows: Assume that Pulman utilizes the LIFO method and instead of making the third purchase during July, the company allows its inventory level to decline by delaying the third purchase until August. Required: a. Compute cost of goods sold for July if the third purchase is made during July. b. Compute cost of goods sold for July if the third purchase is delayed to August. c. Discuss the effect on July profit if the company delays the third purchase until August. Assume that Pulman utilizes the LIFO method and instead of making the third purchase during July, the company allows its inventory level to decline by delaying the third purchase until August. Required: a. Compute cost of goods sold for July if the third purchase is made during July. b. Compute cost of goods sold for July if the third purchase is delayed to August. c. Discuss the effect on July profit if the company delays the third purchase until August.

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a. Goods available for sale = (15 × $140...

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Use the following inventory related information for Questions below Use the following inventory related information for Questions below -Calculate the company's Cost of Goods Sold using Periodic FIFO for the month of January. A) $1,930 B) $1,945 C) $1,966 D) $2,080 -Calculate the company's Cost of Goods Sold using Periodic FIFO for the month of January.


A) $1,930
B) $1,945
C) $1,966
D) $2,080

E) All of the above
F) B) and C)

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Hanifee Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $69 each and 150 units at $70 each. The company also sold 500 units during the month. Using the periodic weighted-average cost method, what is the cost of ending inventory?


A) $33,770
B) $10,200
C) $10,500
D) $33,400

E) A) and D)
F) B) and C)

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Flint Company and White Company reported the following information in their financial statements, prior to their merger: Flint Company and White Company reported the following information in their financial statements, prior to their merger: To the closest hundredth, how much is the 2019 inventory turnover for Flint Company? A) 2.89 B) 2.41 C) 1.28 D) 3.08 To the closest hundredth, how much is the 2019 inventory turnover for Flint Company?


A) 2.89
B) 2.41
C) 1.28
D) 3.08

E) A) and D)
F) B) and D)

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