1. TheMagnet Door Company sold 2,000 doors during yr 1908 at $150 per door. Its...
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Accounting
1. TheMagnet Door Company sold 2,000 doors during yr 1908 at $150 per door. Its beginning inventory on January 1 was 125 doors at $50. Purchases during the year were as follows: (CLO 4 \& 5) The company's selling and administrative costs for the year were $9s,00u anu the company uses the periodic inventory method. Required: a. Prepare a schedule to compute the cost of goods available for sale. b. Prepare an income statement under each of the following assumptions: weighted Average cost basis and FiFO basis . (calculate CGS for each assumption that will be used to make income statement)
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