The inventory records of ZUP indicate the following regarding its best-selling product for the month of January:
Required:
Calculate the dollar amount of ending inventory and cost of goods sold under each of the following cost flow assumptions:
a.Weighted-average cost,periodic inventory.
b.First-in,first-out (FIFO),perpetual inventory.
c.Weighted-average cost,perpetual inventory.
Definitions:
Maker
The entity that issues or creates a promissory note and agrees to pay the note's amount to a specified party.
Allowance for Doubtful Accounts
A contra-asset account on a company's balance sheet that represents the amount of receivables the company expects may not be collected due to customer defaults.
Contra Asset
An account listed in a company's balance sheet that is used to reduce the balance of a related asset account, showing the amount that effectively reduces the original asset's value.
Maturity
The time at which a financial obligation must be repaid or settled in full.
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