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Chapter 6 Problem Discussion

Chapter 6 Problem Discussion

Q The goal of this discussion question is for all Comprehensive Problems to be completed and for robust conversation between peers to take place. Keep in mind that this discussion question will help prepare you for future exams, so it is important that you understand the information and actively participate in discussions. To supplement your learning and enhance your understanding, you may also have to conduct research outside of course provided material. Discussion Question Requirements: 1. Locate the Comprehensive Problems at the end of the Chapter. 2. Complete one of the comprehensive problems for the Chapter. If possible, type your exercise answer in the discussion area. However, you may attach a document if needed. 3. Include in your answer which comprehensive problem (e.g. CP1-1) you are completing. If your answer is not labeled, credit will not be granted. 4. Students will not be able to see peers' postings before posting their initial post. Once you make your initial post, you are not permitted to edit. If edits are needed, you will need to reply to the original post and make the corrections there. 5. Pick two peers' postings and review. Then comment in no less than one paragraph why you found the information helpful, informative, etc. You must present new ideas and/or thoughts, merely stating that you agree/disagree is not enough to earn full points. 6. A paragraph is considered a minimum of 4-6 sentences. 7. Cite all sources - you must provide the exact link to the reference. Please keep in mind that citing sources does not mean you can copy and paste information from the source and use it as your own. You also cannot only change a few words from a source; all work must be in your own words. If copying/pasting is found or the submission is not in your own words, you will receive a zero, no exceptions. This also includes commenting on peers' posts.

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Midlife Corp. is in the process of preparing its financial statements as at May 31, 2019. It has a consistent mark?up of 200% on goods it sells. The following information is available for the five months ended May 31: Opening inventory $ 10,000 Net purchases 140,000 Sales 250,000 If Midlife Corp has a 200% markup, you would have a total retail value of $450,000. You add the 10K already on hand plus the 140k purchased in addition to it. Then you would triple that value.