e6-9, p6-2a, p8-3a

e6-9, p6-2a, p8-3a - Exercise E6-9: Delhi Hardware reported...

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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
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FileName: 3c8cc62c99a1777a45e64d6a9abf1d8bd32d6982.xls, Tab: Problem P6-2A, Page 2 of 7, 05/12/2009, 07:42:34 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 $18,000
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This note was uploaded on 07/12/2008 for the course ACC 363 taught by Professor Rossi during the Spring '08 term at University of Phoenix.

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e6-9, p6-2a, p8-3a - Exercise E6-9: Delhi Hardware reported...

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