lease cite as much as possible from:
College Accounting: A Practical Approach
12th Edition, 2013
ISBN-13: 9780132772068
Jeffrey Slater
Please answer ONE of the following:
1. Calculate the ending inventory under each of the following methods given the information below about purchases and sales during the year. Assume a periodic inventory system.
April 1 Beginning inventory 20 units @ $30
April 11 Purchases 70 units @ $32
April 21 Purchases 50 units @ $35
Sales for April: 115 units
a. ________ FIFO
b. ________ LIFO
c. ________ Weighted-average
2. Rockwell Industries purchased a plant asset to be used in its business. The expenditures
included:
Cost of machine $8,000
Special concrete base to support machine 500
Freight charges 1,000
Repair cost of damage incurred during installation 300
The Machine account will be debited for ________.
3. List and discuss the following:
a. Rights of common stockholders
b. Rights of preferred stockholders
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