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Estimates of price-level changes for specific inventories are required for which of the following ...

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Accounting

Estimates of price-level changes for specific inventories are required for which of the following
inventory methods?
A. Conventional retail.
B. Dollar-value LIFO.
C Weighted average cost.
D. Average cost retail.
On June 1, Year 2, Archer Inc. issued a purchase order to Cotton Co. for a new copier machine. The
machine requires one month to produce and is shipped FOB destination on July 1, Year 2, and is
received by Archer on July 15, Year 2. Cotton issues a sales invoice dated July 2, Year 2, for the
machine. As of what date should Archer record a liability for the machine?
A. June 1, Year 2.
B. July 1, Year 2.
C. July 2, Year 2.
D. July 15, Year 2.

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