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On January 3 Piano Corp purchased three portable electronic keyboards for $600 each On January 20 it purchased two more of the same model keyboards for $475 each During the month it sold two key

On January 3, Piano Corp. purchased three portable electronic keyboards for $600 each. On January 20, it purchased two more of the same model keyboards for $475 each. During the month, it sold two keyboards; one was purchased on January 3 and the other was purchased on January 20. (a) Calculate the cost of goods sold and ending inventory for the month using specific identification. (b) Explain how management could manipulate profit, if it wished to, using this method.

Apr 24 2020 View more View Less

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