Week Three Individual Assignment - ACC 422

Week Three Individual Assignment - ACC 422 - EXERCISE 9-1...

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Unformatted text preview: EXERCISE 9-1 Sonya Spencer- King Per Unit Lower of Part No. Quantity Cost Market Total Cost Total Market Cost or Market 110 600 $ 90 $100.00 $ 54,000 $ 60,000 $ 54,000 111 1,000 60 52.00 60,000 52,000 52,000 112 500 80 76.00 40,000 38,000 38,000 113 200 170 180.00 34,000 36,000 34,000 120 400 205 208.00 82,000 83,200 82,000 121 1,600 16 0.20 25,600 320 320 122 300 240 235.00 72,000 70,500 70,500 Totals $367,600 $340,020 $330,820 (a) $330,820. (b) $340,020. EXERCISE 9-12 (a) Inventory, May 1 (at cost) $160,000 Purchases (at cost) 640,000 Purchase discounts (12,000) Freight-in 30,000 Goods available (at cost) 818,000 Sales (at selling price) $1,000,000 Sales returns (at selling price) (70,000 ) Net sales (at selling price) 930,000 Less: Gross profit (30% of $930,000) 279,000 Sales (at cost) 651,000 Approximate inventory, May 31 (at cost) $167,000 (b) Gross profit as a percent of sales must be computed: 30% = 23.08% of sales. 100% + 30% Inventory, May 1 (at cost) $160,000 Purchases (at cost) 640,000 Purchase discounts (12,000) Freight-in 30,000 Goods available (at cost) 818,000 Sales (at selling price) $1,000,000 Sales returns (at selling price) (70,000 ) Net sales (at selling price) 930,000 Less: Gross profit (23.08% of $930,000) 214,644 Sales (at cost) 715,356 Approximate inventory, May 31 (at cost) $102,644 EXERCISE 9-19 Cost Retail...
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Week Three Individual Assignment - ACC 422 - EXERCISE 9-1...

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