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ACC 304 Week 1 Chapter 8 Homework
1) Matlock Company uses a perpetual inventory system. Its
beginning inventory consists 50 units that cost $34 each. During June
, (1) the company purchased units at $34 each, (2) returned 6 units
for credit ,and (3) sold 125 unit at $50 each. Journalize the June
transactions.
2) Amsterdam Company uses a periodic inventory system. For
April, When the company sold 600 units, The following information is
available. calculate weighted average cost per unit.
3) Arna, Inc. uses the dollar value LIFO method of computing its
inventory. Data for the past 3 year follow. Compute the value of the
2014 and 2015 inventories using the dollar-value LIFE method.
4) Craig Company asks you to review its December 31, 2014,
inventory values and prepare the necessary adjustments to the book.