MGTA01H3 Lecture Notes - Perpetual Inventory, Accounts Payable, Weighted Arithmetic Mean

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: G.Quan Fun

Document Summary

In the last 4 years, evergreen ltd. has changed its method of inventory valuation from. Fifo to weighted average, then back to fifo. Bayview swim company had accumulated the following cost and market data at. What is the lower-of-cost-or-market value for the inventory by major category: ,000, ,000, ,500, ,500, clarence corporation"s ending inventory is understated by ,000. In a periodic inventory system, a purchase return would be recorded by which of the following journal entries? a) In a periodic inventory system, transportation-in would be recorded by which of the following journal entries? a) Transportation-in xx: foothills company had net sales of ,000 for the month of january. The beginning inventory on january 1 was ,000, and during january the cost of goods purchased totalled ,000. In march 2011, a flood destroyed the company"s entire inventory. From the accounting records, it was determined that beginning inventory was ,000 and purchases during the year before the flood totalled ,860,000.