Periodic inventory using fifo, lifo, and weighted average cost methods the units of an item available for sale during the year were as follows: jan. 1 inventory 12 units at $5,400 $64,800 aug. 7 purchase 18 units at $6,000 108,000 dec. 11 purchase 15 units at $6,480 97,200 available for sale 45 units $270,000 there are 14 units of the item in the physical inventory at december 31. the periodic inventory system is used. determine the inventory cost using (a) the first-in, first-out (fifo) method; (b) the last-in, first-out (lifo) method; and (c) the weighted average cost method. a. first-in, first-out (fifo) method $ b. last-in, first-out (lifo) method $ c. weighted average cost method $

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Uknow what i love about i ask a dumb question it is immediately answered but when i ask a real question it take like an hour to get answered