Perpetual FIFO inventory records for the year contain the following data: To rec

Question

Perpetual FIFO inventory records for the year contain the following data: To record the April 1 sale you would: a. credit sales for $320. b. Debit cost of Goods sold for $420. C. Debit cost of Goods sold for $320. d. Credit sales for $280. 16. Our company uses the periodic inventory system and the following data are for 2014: The ending inventory amount (rounded to the nearest dollar) using the weighted average method is: a.$60 b. $80 c.$84 d.$110 17. Hilton Co. uses the periodic inventory method. The inventory method. The company's December 31, 2014 inventory is understated by $4,000. The Following amounts in the December 31, 2014 financial statements are:

Explanation / Answer

15 c 16 c 17 a

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