5e sol02-08 - $795,600 Less Ending finished goods inventory...

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Ex 2-8 Name: SOLUTION Enter the appropriate amounts in the shaded cells in columns F and G. 1) Ending inventory Beginning inventory 6,000 Add: Inventory completed 150,000 Less: Units sold 154,000 Ending inventory 2,000 Cost per unit $5.10 # Value of ending inventory $10,200 2) Photosmart, Inc. Cost of Goods Sold Schedule For the Year Ended December 31 Cost of goods manufactured $765,000 Add: Beginning finished goods inventory 30,600 Goods available for sale
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Unformatted text preview: $795,600 Less: Ending finished goods inventory 10,200 Cost of goods sold $785,400 3) Photosmart, Inc. Income Statement: Absorption Costing For the Year Ended December 31 Sales $1,232,000 Cost of goods sold 785,400 Gross margin $446,600 Less operating expenses: Commissions $38,500 # Administrative expenses 83,000 # Advertising copayments 36,000 157,500 # Operating income $289,100...
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