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nov2 - ex 1 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00...

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ex 1 ch 8 If no Y or N where 1.00 n cogs 2.00 Y 3.00 Y 4.00 N NA 5.00 Y agreements to repurchase is a loan 6.00 N cogs 7.00 N cogs 8.00 Y 9.00 N interest expense 10.00 Y 11.00 N ad expense 12.00 Y inventory of office supplies…not sold but used 13.00 Y WIP inventory 14.00 Y supplies in factory…used…but sold 15.00 N not in fin stats…but there is a record of goods held on 16.00 Y 17.00 Y 18.00 Maybe mfg firm-N-current asset-trading security because inte brokerage firm…sell securities that they own-Y..it wou ex 4 12/31/10 1.00 dr raw materials inventory 8,100.00 cr accts payable 2.00 no adj entry…goods returns and JE was recorded 3.00 dr raw materials inventory 28,000.00 cr accts payable 28,000.00 4.00 dr accts payable 7,500.00
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cr raw materials inventory 7,500.00 5.00 dr raw materials inventory 19,800.00 cr accts payable 19,800.00 ex 14 How many units are in the ending inventory? units available for sale 5,300.00 Units sold 4,500.00 ending inventory 800.00 a. periodic inv system--cost of ending inventory LIFO Units cost/unit total cost 4/1 600.00 6.00 3,600.00 4/4 200.00 6.08 1,216.00 total 4,816.00 cost of goods available for sale 33,655.00 Less ending inventory (4,816.00)
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cogs 28,839.00 average assigns identical unit cost to ea item in inventory calc average unit cost (cost of goods available for sale/units avail
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