acc chapt6 - Chapter 6 Problem 1 1. Beginning inventory...

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Chapter 6 Problem 1 1 . Units Cost Amount Beginning inventory 130 56 $7,280 February 225 62 $13,950 April 350 65 $22,750 June 700 70 $49,000 August 300 66 $19,800 October 400 68 $27,200 November 250 72 $18,000 2,355 $157,980 2 . A/ Ending inventory: 155 x $67.08 = 10,397 Sales $352,000 Cost of good sold Cost of goods available $157,980 Ending inventory 10,397 Cost of good sold 147,583 Gross margin 204,417 Selling and administrative expenses $101,000 Income before income taxes $103,417 B/ Ending inventory: 155 x $72 = $11,160 Sales $352,000 Cost of good sold Cost of goods available $157,980 Ending inventory 11,160 Cost of good sold $146,820 Gross margin $205,180 Selling and administrative expenses $101,000 Income before income taxes $104,180 C/ Ending inventory: 130 x $56 = $7,280 25 x $62 = $1,550 Sales $352,000 Cost of good sold Cost of goods available $157,980 Ending inventory 8,830 Cost of good sold $149,150 Gross margin $202,850 Selling and administrative expenses $101,000
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acc chapt6 - Chapter 6 Problem 1 1. Beginning inventory...

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