3. MusicBiz.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses...
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3. MusicBiz.net Ltd. specializes in sound equipment. Because each inventory item is expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of speakers: Requirements a. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory in the following two ways: a. FIFO b. Weighted-average cost b. MusicBiz uses the FIFO method. Prepare MusicBizs income statement for the month ended June 30, 2017, reporting gross profit. Operating expenses totalled $319, and the income tax rate was 25%
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