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Problem 7-5A Name: Section: Score: Key Code: 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. 1. First-In, First-Out Method (list most recent purchases first for each item) Model A10 Quantity Unit Cost Total Cost B15 E60 G83 J34 M90 Q70 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Last-In, First-Out Method (list oldest purchases first for each item) Model A10 Quantity Unit Cost B15 E60 G83 J34 M90 Q70 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Cost 3. Average Cost Method Model A10 B15 E60 G83 J34 M90 Q70 Quantity Unit Cost Total Cost Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. a. In periods of rising prices, the will result in lower cost of inventory, a greater amount of cost of merchandise sold, lower net income, and less taxes in the current year. b. In periods of falling prices, the net income and would be preferred for income tax purposes. will result in lower ...
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