The records of Sonic Sound Systems Inc. include the following for cases of CDs at December 31,

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The records of Sonic Sound Systems Inc. include the following for cases of CDs at December 31, 2014:
The records of Sonic Sound Systems Inc. include the following

Requirements
1. Prepare a partial income statement through gross profit under the weighted-average-cost and FIFO cost methods assuming the periodic system is used. Round weighted-average cost per unit to four decimal places and all other amounts to the nearest dollar.
2. Which inventory method would you use to report the highest net income? Explain why this method produces the highest reported income.

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Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

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