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7 Pages

### Chapter 19 HW F07

Course: ACCTCY 2037, Fall 2010
School: Missouri (Mizzou)
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Word Count: 256

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220x\$15 1915 (1) Perpetual/FIFO CostofGoodsSold = 100x\$15 = 320 \$3,300(frombeginninginventory) 1,500(frombeginninginventory) \$4,800 EndingInventory =BeginningInventory+PurchasesCostofGoodsSold =(400x\$15)+[(200x\$16)+(140x\$17)]\$4,800 =\$6,780 or 80x\$15= 200x\$16= 140x\$17= 420 (2) \$1,200(frombeginninginventory) 3,200(fromJuly6purchase) 2,380(fromJuly21purchase) \$6,780 Perpetual/LIFO CostofGoodsSold 200x\$16...

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220x\$15 1915 (1) Perpetual/FIFO CostofGoodsSold = 100x\$15 = 320 \$3,300(frombeginninginventory) 1,500(frombeginninginventory) \$4,800 EndingInventory =BeginningInventory+PurchasesCostofGoodsSold =(400x\$15)+[(200x\$16)+(140x\$17)]\$4,800 =\$6,780 or 80x\$15= 200x\$16= 140x\$17= 420 (2) \$1,200(frombeginninginventory) 3,200(fromJuly6purchase) 2,380(fromJuly21purchase) \$6,780 Perpetual/LIFO CostofGoodsSold 200x\$16 20x\$15 100x\$17 320 EndingInventory = = = \$3,200(fromJuly6purchase) 300(frombeginninginventory) 1,700(fromJuly21purchase) \$5,200 =BeginningInventory+PurchasesCostofGoodsSold =\$6,000+(\$3,200+\$2,380)\$5,200 =\$6,380 or 40x\$17 380x\$15 420 = = \$680(fromJuly21purchase) 5,700(frombeginninginventory) \$6,380 191 192 1919(inventoryasawhole) NumberofUnitUnitTotalTotal (1) ItemUnitsCostMarketCostMarket A12B50\$100\$90\$5,000\$4,500 L15C150768211,40012,300 P27X200605512,00011,000 W08S4001094,0003,600 \$32,400\$31,400 ValueofEndingInventory:\$31,400 (2) Inventory,atlowerofcostormarket value(cost,\$32,400) (3) Inthenextyear,thenetamountofthebeginninginventorywouldbelowercausinga reductionincostofgoodssold.Thiswouldresultinahighernetincomeinthe #units incomestatement. \$31,400 (eachitemseparately) Item cost market LCM Value A12B 50 100 90 90 4,500 L15C150 76 82 76 11,400 P27X 200 60 55 55 11,000 W08S400 10 9 9 3,600 30,500 193 1920 CostofGoodsSold%=100%25%=75% CostofGoodsAvailableforSale=BeginningInventory+Net Purchases =\$40,000+\$40,000 =\$80,000 CostofGoodsSold=NetSalesxC/G/S% =\$85,000x75% =\$63,750 EndingInventory=CostofGoodsAvailableforSaleCostofGoodsSold =\$80,000\$63,750 =\$16,250 194 195 1923 (1) Cost \$15,000 Beginninginventory Purchases \$47,000 Less:Purchasesreturns (3,000) Netpurchases 44,000 Goodsavailableforsale \$59,000 Retail \$18,000 \$86,000 (4,000) 82,000 \$100,000 Costtoretailratio:\$59,000/\$100,000=0.59 Sales Less:Salesreturns NetSales EndingInventoryatRetail EndingInventoryatCost (\$15,000x0.59) \$90,000 (5,000) (85,000) \$15,000 \$8,850 GrossProfit=Sales(net)CostofGoodsSold =\$85,000(\$15,000+\$44,000\$8,850) =\$34,850 (2) \$14,000x0.59=\$8,260 (3) The\$590difference(\$8,850\$8,260)mayhavebeenduetoacombinationof theftanddamagedmerchandise.
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