Assume that Raven Merchandising Company began July with 28 units of inventory that cost a total...

 

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Assume that Raven Merchandising Company began July with 28 units of inventory that cost a total of 784 TL. During July, the company had the following transactions: July 4 July 10 July 20 July 29 Purchase Sale Purchase Sale 84 units x 30 TL 70 units x 60 TL 56 units x 33 TL 84 units x 60 TL a. Under the FIFO costing method. what is the Raven's cost of goods sold for the Sale of July 10? (20 points) b. What is Raven's cost of ending inventory as of July 31? (20 points) 3- Describe the impact of fraud on financial statement? (10 points) 4- Describe the bank account as a control device on cash? (10 points) Assume that Raven Merchandising Company began July with 28 units of inventory that cost a total of 784 TL. During July, the company had the following transactions: July 4 July 10 July 20 July 29 Purchase Sale Purchase Sale 84 units x 30 TL 70 units x 60 TL 56 units x 33 TL 84 units x 60 TL a. Under the FIFO costing method. what is the Raven's cost of goods sold for the Sale of July 10? (20 points) b. What is Raven's cost of ending inventory as of July 31? (20 points) 3- Describe the impact of fraud on financial statement? (10 points) 4- Describe the bank account as a control device on cash? (10 points)

Answer rating: 100% (QA)

The total cost of goods sold for the sale on July 10 Total cost of goods sold Cost of goods sold from July 4 purchase Cost of goods sold from starting inventory Total cost of goods sold 2100 TL 490 TL ... View the full answer