ch08student

ch08student - Chapter 8 Class Notes 1 2 Control Two systems...

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1 Chapter 8 Class Notes
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3 Two systems for maintaining inventory records: Control Perpetual system Periodic system
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4 | 1. Beginning inventory (100 units at $7 = 700) | 2. Purchase 900 units at $7: | | Inventory 6,300 | Purchases 6,300 Accounts payable 6,300 | Accounts payable 6,300 | 3. Sale of 600 untis at $14: | | Accounts receivable 8,400 | Accounts receivable 8,400 Sales 8,400 | Sales 8,400 Cost of goods sold 4,200 | Inventory 4,200 | | 4. Adjusting entries (ending inventory = 400 units @ $7 = $2,800) | No Entry Necessary* | Inventory 2,100 | Cost of goods sold 4,200 | Purchases 6,300 *(Assuming the physical count equals GL balance.)
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6 Fill in the table- use over, under, or none for the type of error
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16 To alleviate the LIFO liquidation problems, goods can be combined into pools of items that are similar (not identical) in nature. The desired result is to “smooth out” the layered price changes of one specific item through the pooling of similar items. This method also has some problems.
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ch08student - Chapter 8 Class Notes 1 2 Control Two systems...

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