homework oct 8

# homework oct 8 - Financial Accounting homework M7-2 E7-2...

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Financial Accounting homework M7-2, E7-2, E7-6, E7-10, E7-11, E7-13, E7-18 M7-2 Inventory (A) 2,500 Cash (A) 2,500 Cost = 2,180 + 175 + 145 = 2500 E7-2 Case A Case B Case C Net sales Revenue 8000 5500 6000 Beginning inventory 11,200 6500 4,000 Purchases 5,000 8550 9,500 Goods available for sale 16,200 15050 13,500 Ending inventory 10,200 11050 9000 Cost of goods sold 6,000 4000 4500 Gross profit 2000 1500 1500 Expenses 400 1200 700 Pretax income 1600 300 800 E7-6 Cost of goods sold Units FIFO LIFO Weighted Avg Beginning of inventory (\$5) 2000 \$10,000 \$10,000 \$10,000 Purchases 6000 18,000 18,000 18,000 Aug 1 4,000 8,000 8,000 8,000 Goods available for sale 12,000 36,000 36,000 36,000 Ending inventory 3,000 6,000 13,000 9,000 Cost of goods sold 9,000 30,000 23,000 27,000 E7-10 Cost of Goods Sold FIFO LIFO Weighted avg Beginning inventory (350 units @ \$32) 11,200 11,200 11,200 Purchases (475 units @ \$36) 17,100 17,100 17,100 Goods available for sale 28,300 28,300 28,300 Ending inventory 19,340 18,220 18,695 Cost of goods sold 8960 10,080 9,605 FIFO-= (475 x \$36 each) + (70 units x \$32) = \$19, 340 LIFO = (350 units x \$32) + (195 units x \$36) = 18220

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Financial Accounting homework Weighted average : Units cost 350 \$11,200 475 17,100 825 28,300 545 units x \$34.3 = \$18,695 FIFO LIFO Weighted Average Sales revenue (\$50 x 280) \$14,000 \$14,000 \$14,000 Cost of goods sold 8,960 10,080 9,605 Gross profit 5040 3920 4395 Expenses 1700
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