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ACCT216
Week 3 Homework
1.Classify the following items as (a) an addition to the bank balance, (b)
a subtraction from the bank balance, (c) an addition to the book balance,
or (d) a subtraction from the book balance:
2.During 2013, Jimmy Enterprises completed the following transactions:
a.Sales revenue on account, $550,000.
b.Collections on account, $325,000
c.Write-offs of uncollectibles, $13,000
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ACCT 216 Week 4 Homework
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Homework scenario
Suppose Robotics, Inc.’s inventory records for a particular item indicate
d the following transactions in September:
September 1 Beginning Inventory 10 units @ $29
September 9 Purchase
18 units @ $32
September 23 Purchase
9 units @ $30
September 28 Purchase
6 units @ 31
Required: The company sold 24 units on September 30. Compute the en
ding inventory and cost of goods sold using each of the following metho
ds:
1.LIFO