# Ch07E4 - Jan. 10 Sales 70 units from beginning inventory...

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Exercise 7-4 Trout Inc. Using a perpetual inventory system and the specific identification cost flow assumption, dete Jan. 1 Beginning inventory 120 units @ \$6 = \$720 Mar. 7 Purchases 250 units @ 6 = 1,400 Specific Identification July 26 Purchases 500 units @ 5 = 2,500 Purchases Sales Balance Oct. 3 Purchases 450 units @ 5 = 2,070 Date Units Cost Total Units Cost Total Units Cost Totals 1,320 units \$6,690 Assume Trout, Inc. specifically sold the following units:

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Unformatted text preview: Jan. 10 Sales 70 units from beginning inventory Mar. 15 Sales 25 units from beginning inventory, and 100 units from March 7 purchase Oct. 5 Sales 320 units from July 28 purchase, and 280 units from October 3 purchase Total sales 795 Calculate cost of goods sold and gross profit. Totals \$- \$- Gross profit: ermine: 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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Ch07E4 - Jan. 10 Sales 70 units from beginning inventory...

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