Week 3 Discussion 1From Chapter 5, Ethical Issue...

  • Ashford University
  • ACC 205
  • Homework Help
  • Milestonee
  • 10
  • 75% (4) 3 out of 4 people found this document helpful

This preview shows page 1 - 5 out of 10 pages.

ACC 205 Week 3 Assignment, Quiz, DQ 1, 2ACC 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)Week 3 Discussion 1From Chapter 5, Ethical Issue 5-1.Complete all parts of the case and respond to at least two of your classmates’ postings.-Under Dobbs’ FOB policy, when should the company record a sale?-Do you approve or disapprove of Dobbs’ manner of deciding when to ship goods to customers and record the sales revenue? If you approve, give your reason. If you disapprove, identify a better way to decide when to ship goods.Week 3 Discussion 2Describe the inventory valuation methods FIFO and LIFO. Which items are included in ending inventory under each method? Respond to at least two of your classmates’ postings.
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 = 115,500G 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

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture