Company A and Company B are identical, except that Company A…

Company A and Company B are identical, except that Company A uses FIFO and Company B uses LIFO. In an extended period of rising inventory costs, Company A’s gross profit and inventory turnover ratio, compared to Company B’s, would be: OptionGross ProfitInventory TurnoverAlowerlowerBhigherhigherChigherlowerDlowerhigher

Chemical Inc.’s inventory records showed the following:March…

Chemical Inc.’s inventory records showed the following:March 1 inventory: 1,000 gallons @ $7.20 per gallon = $7,200Purchases: Sales: March 10600 gallons @ $7.25March 5400 gallonsMarch 16800 gallons @ $7.30March 14[A] gallonsWhat would ending inventory be assuming LIFO in a perpetual inventory system? Enter whole dollar amounts, using commas but no dollar signs.

On September 10 of the current year, Magic Carpet, Inc. sold…

On September 10 of the current year, Magic Carpet, Inc. sold carpeting to a customer for $[A] with credit terms [B]/10, n/30. Magic Carpet uses the gross method for reporting sales discounts.  On September 18, the customer pays Magic Carpet the correct amount owed.  What amount, if any, will Magic Carpet debit the Sales Discount account when recording the September 18 payment?