The development of accounting and financial reporting is correlated with technological progress in Business. Comment on...

 

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"The development of accounting and financial reporting is correlated with technological progress in Business". Comment on the appropriateness of this viewpoint. Presented below are transactions related to Z Inc.: Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Price/Cost $12 18 30 23 33 Instructions: Calculate Ending inventory, COGS under FIFO method with proof, and gross profit. Quantity 1,000 2,000 2,500 3,000 2,200 "The development of accounting and financial reporting is correlated with technological progress in Business". Comment on the appropriateness of this viewpoint. Presented below are transactions related to Z Inc.: Date Transaction 1/1 Beginning inventory 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale Price/Cost $12 18 30 23 33 Instructions: Calculate Ending inventory, COGS under FIFO method with proof, and gross profit. Quantity 1,000 2,000 2,500 3,000 2,200

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Answer1 Accounting and financial reporting development should be associated with technology advancem... View the full answer