Merits,Inc.'s inventory activity in June was as follows:
Part A: Choose the column that represents the June financial statement where the line item will appear and fill in the dollar amount using the LIFO inventory method.
Part B: Choose the column that represents the June financial statement where the line item will appear and fill in the dollar amount using the FIFO inventory method.
Definitions:
Straight-Line Method
A method of calculating depreciation for an asset, spreading the cost evenly over its useful life.
Depreciation Expense
It is an accounting method of allocating the cost of a tangible asset over its useful life.
Residual Value
The estimated amount that an asset will realize upon its disposal at the end of its useful life.
Straight-Line Depreciation
A method of calculating the depreciation of an asset evenly over its useful life, assigning a fixed expense amount to every accounting period.
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