ACC 205 Week 3 Assignment and Quiz - ACC 205 Week 3...

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ACC 205 Week 3 Assignment and QuizACC 205 - Principles of Accounting I Ashford Course GuideACC 205 Week 3 Assignment; E5-16, E 6-23, E6-28, 5-29AACC 205 Week 3 Quiz (10 Multiple Choice)
ACC 205 Week 3 Assignment; E5-16, E 6-23, E6-28, 5-29AE5-16SalesSale discountsNet salesCost of goods soldGross profit89,5001,56087,94060,200(a)103,600(b)99,220( c )34,02066,2002,000(d)40,500( e)(f)2,980(g)75,80036,720A. 87,940 - 60,200 = 27,740B. 103,600 - 99,220 = 4,380C. 99,220 - 34,020 = 65,200D. 66,200 - 40,500 = 64,200E. 64200 - 40,500 = 23,700F. Must solve (g) first, then (f)2,980 +112,520 = 115,500
G 75,800 + 36,720 = 112,520E 6-23FIFO LIFO AverageSales revenue (12 * 90)……. 1,080 1,080 1,080Cost of goods sold:FIFO (12 * 65)…………. 780Lifo (10*78+2*65)… 910Average (12*70)………….. 840Gross profit……………… 300 170 240Total cost / total units = Average cost per unit[email protected] 65 = 1,040 1610 @ 78 = 780 10 1,820 / 26 = 70

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