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## Neighborly Industries has the following inventory

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Neighborly Industries has the following inventory 1. Holliday Company’s inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 â‚¤4.50 Purchases: June 18 4,500 4.00 November 8 3,000 3.50 A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for â‚¤6 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period? a. â‚¤1,000 b. â‚¤5,000 c. â‚¤10,500 d. â‚¤19,000 2. Unitech has the following inventory information. July 1 Beginning Inventory 30 units at \$19 \$ 570 7 Purchases 105 units at \$20 2,100 22 Purchases 15 units at \$22 330 \$3,000 A physical count of merchandise inventory on July 31 reveals that there are 45 units on hand. Using the average-cost method, the value of ending inventory is a. \$870. b. \$900. c. \$915. d. \$930. 3. Unitech has the following inventory information. July 1 Beginning Inventory 30 units at \$19 \$ 570 7 Purchases 105 units at \$20 2,100 22 Purchases 15 units at \$22 330 \$3,000 A physical count of merchandise inventory on July 31 reveals that there are 45 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a. \$870. b. \$930. c. \$2,070. d. \$2,130. 4. Neighborly Industries has the following inventory information. July 1 Beginning Inventory 20 units at \$120 5 Purchases 120 units at \$112 14 Sale 80 units 21 Purchases 60 units at \$115 30 Sale 56 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? a. \$7,328 b. \$7,348 c. \$15,392 d. \$15,412 5. Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ â‚¬6.00 8 Purchase 60 units @ â‚¬6.45 17 Purchase 30 units @ â‚¬6.30 25 Purchase 45 units @ â‚¬6.60 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Cost of goods sold under the average-cost method is a. â‚¬646. b. â‚¬642. c. â‚¬634. d. â‚¬600. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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