During 2020, The Y, a nonprofit organization, bought and used containers of pool chemicals as shown...
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During 2020, The Y, a nonprofit organization, bought and used containers of pool chemicals as shown in the table below. Under LIFO what was the Y's pool-chemical expense for the fiscal year 2020? The Y uses the Periodic method of inventory and takes a count of the inventory on 12/31/20. Please show your work in an Excel spreadsheet. Remember that the inventory is calculated for the entire year, not based on bi-annual usage. Units Bought Purchase Units Used Price January 1 50 $100 February 15 90 $80 Used Through June 30 120 August 15 90 $90 October 30 120 $80 Used through December 31 160 Total 350 280 During 2020, The Y, a nonprofit organization, bought and used containers of pool chemicals as shown in the table below. Under LIFO what was the Y's pool-chemical expense for the fiscal year 2020? The Y uses the Periodic method of inventory and takes a count of the inventory on 12/31/20. Please show your work in an Excel spreadsheet. Remember that the inventory is calculated for the entire year, not based on bi-annual usage. Units Bought Purchase Units Used Price January 1 50 $100 February 15 90 $80 Used Through June 30 120 August 15 90 $90 October 30 120 $80 Used through December 31 160 Total 350 280
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Pool Chemical Expenses LIFO Method Fiscal Year 2020 Date Units Boug... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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