Week 5 team assignment

# Week 5 team assignment - Exercise E6-9: Delhi Hardware...

This preview shows pages 1–3. Sign up to view the full content.

Exercise E6-9: Delhi Hardware reported cost of goods sold as follows: 2006 2007 Beginning Inventory \$20,000 \$30,000 Cost of goods purchased 150,000 175,000 Cost of goods available for sale 170,000 205,000 Ending Inventory 30,000 35,000 Cost of goods sold \$140,000 \$170,000 Delhi made two errors: (1) 2006 ending inventory was overstated \$2,000, and (2) 2007 ending inventory was understated \$6,000. Instructions Compute the correct cost of goods sold for each year 2006 2007 Beginning Inventory \$20,000 \$28,000 Cost of goods purchased 150,000 175,000 Cost of goods available for sale 170,000 203,000 Ending Inventory 28,000 41,000 Cost of goods sold \$142,000 \$162,000

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
FileName: 2de35de622a6e52956742990fc0793ab1fcf6844.xls, Tab: Problem P6-2A, Page 2 of 7, 10/06/2009, 02:47:05 1,000 units ofSpears CDs at a cost of Spears. At the beginning of October, Breathless had a beg. Bal of \$5 per unit. During the year, the following purchases were made: Oct 3 3500 units at \$6 Oct 9 4,000 units at \$7 Oct 19 2,000 units at \$8 Oct 25 2,000 units at \$9 10000 units were sold. Breathless Distribution uses a periodic inventory system. Instructions: Date: Quantity Unit Cost: Extended Cost: Oct 1 1,000 units at \$5 \$5,000 Oct 3 3,500 units at 6 \$21,000 Oct 9 4,000 units at 7 \$28,000 Oct 19 2,000 units at 8 \$16,000 Oct 25 2,000 units at 9 \$18,000 Quantity: 12,500 Cost of goods available: \$88,000 Ending Inventory Cost of Goods Sold Date Units Unit Cost Total Cost Cost of goods available for sale \$88,000 10/25 2000 \$9
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 03/31/2009 for the course ACCOUNTING 362 taught by Professor Hamman during the Spring '09 term at University of Phoenix.

### Page1 / 7

Week 5 team assignment - Exercise E6-9: Delhi Hardware...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online