Ch07E2 - Oct. 5 Sales = 300 units 60 units from March 14...

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Exercise 7-2 Parfour Inc. Jan. 1 Beginning inventory 100 units @ $10 = $1,000 P Mar. 14 Purchases 250 units @ 15 = 3,750 Date Units July 30 Purchases 400 units @ 20 = 8,000 Totals 750 $12,750 The 530 units were specifically sold as follows: Jan. 10 Sales = 90 units 90 units from beginning inventory Mar. 15 Sales = 140 units 10 units from beginning inventory, and 130 units from the March 14 purchase
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Unformatted text preview: Oct. 5 Sales = 300 units 60 units from March 14 purchase, and 240 units from July 30 purchase Total sold 530 Calculate cost of goods sold and gross profit. Totals Gross profit: Specific Identification Purchases Sales Balance Cost Total Units Cost Total Units Cost Total $- $- $-...
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This note was uploaded on 08/22/2009 for the course ACCT 1101 taught by Professor Davescott during the Fall '05 term at Niagara College.

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Ch07E2 - Oct. 5 Sales = 300 units 60 units from March 14...

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