Accounting 8 DONE!!!

Accounting 8 DONE!!! - Accounting 2361 [Type text] Chapter...

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Accounting 2361 [Type text] M8-2 Type of Inventory Merchandising Manufacturing Merchandise X Finished Goods X Work in process X Raw materials X 1
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Accounting 2361 [Type text] Chapter 8 Rising Costs Declining Costs A. Highest net income FIFO LIFO B. Highest ending inventory FIFO LIFO E8-3 Rising Costs Declining Costs A. Highest net income FIFO LIFO B. Highest ending inventory FIFO LIFO UNITs UNITS COST TOTAL COST A. FIFO Last units in Jan 24 100 $11 $1,100 Next Unit in Jan 15 130 $9 $1,170 Total Ending Inventory FIFO 230 $2,270 B.LIFO First units in (Beginning Inventory) 60 $8 $480 Next Unit in Jan 15 170 $9 $1,530 2
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Accounting 2361 [Type text] Total Ending Inventory LIFO 230 $2,010 C. Weighted Average Cost Number of Units x unit cost Total cost 60 $ 8.00 $ 480.00 190 $ 9.00 $ 1,710.00 100 $ 11.00 $ 1,100.00 350 $ 3,290.00 EI= $9.40 x 230 $2,162 REQ. 2 a. FIFO B.LIFO C. WA Cost of Goods sold - 3290 3290 3290 goods available for sale = 2270 2010 2162 cost of Goods sold 1020 1280 1128 REQ. 3 Units Units cost Total cost A.FIFO 60 $8 $480 B. LIFO 60 $9 $540 C.AVERAGE 120 $9.40 $1,128.00 E8-6 Income Statement Units FIFO LIFO Weighted average Sales revenue $ 8,200.00 $ 574,000.00 $ 574,000.00 $ 574.00 Cost of goods sold 3
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Accounting 2361 [Type text] Beginning inventory $ 2,000.00 $ 70,000.00 $ 70,000.00 $ 70.00
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This note was uploaded on 04/14/2008 for the course ACC 2361 taught by Professor Steverson during the Fall '08 term at Texas State.

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Accounting 8 DONE!!! - Accounting 2361 [Type text] Chapter...

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