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Rons, Inc.’s inventory records for a particular development program show the following at May 31 At May 31 10 of these programs

Rons, Inc.’s inventory records for a particular development program show the following at May 31:,At May 31, 10 of these programs are on hand. Journalize for Ron’s:,1. Total May purchases in one summary entry. All purchases were on credit.,2. Total May sales and cost of goods sold in two summary entries. The selling price was $625 per unit and all sales were on credit. Assume that Ron’s uses the FIFO inventory method.,3. Under FIFO, how much gross profit would Ron’s earn on these transactions? What is the FIFO cost of Ron’s, Inc.’s endinginventory?

Apr 27 2020 View more View Less

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