1. What does the term last-in, first-out mean? What is the impact of this cost flow assumption on the income statement and balance sheet?

2. If a company uses the periodic inventory system, it determines the FIFO or LIFO cost of ending inventory rather than the cost of goods sold. Why?

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Assume a company has two items for sale. Item 1 was produced on January 15 at a cost of $50,000 and Item 2 was produced on January 31 at a cost of $60,000. If the company sells Item 2 on February 5 and uses the specific identification method, what is the amount of cost of goods sold?

A review of the financial statements of Micromania, Inc., revealed a beginning and ending Allowance for Uncollectible Accounts balance of $32,500 and $28,600, respectively. If the uncollectible accounts expense for the period was $15,530, what was the total dollar amount of accounts written off during the period?


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