Bramble has the following inventory information. July 1 Beginning Inventory 30 units at $19 $570 7 Purchases 50 units at $20 1000 22 Purchases 10 units at $23 230 $1800 A physical count of merchandise inventory on July 31 reveals that there are 40 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

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An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?

Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?