Chapter_8 - Student Name: Class: Problem 08-01 BASSTRACK...

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Student Name: Class: Problem 08-01 BASSTRACK General Journal 2009 ccount Titles Debit Credit (1) Specific identification method: Jan. 15 Cost of Goods Sold 30,500 Inventory 30,500 «- Correct! (2) Average-cost method: Jan. 15 Cost of Goods Sold 30,800 Inventory 30,800 «- Correct! (3) First-in, first-out (FIFO) method: Jan. 15 Cost of Goods Sold 30,200 Inventory 30,200 «- Correct! (4) Last-in, first-out (LIFO) method: Jan. 15 Cost of Goods Sold 31,700 Inventory 31,700 «- Correct! BASSTRACK Inventory Subsidiary Ledger Records (1) Specific identification method: Purchased Sold Balance Cost of Unit Unit Goods Unit Date Units Cost Total Units Cost Sold Units Cost Balance Dec. 12 600 $29.00 $17,400 600 $29.00 $17,400 Jan. 9 900 32.00 28,800 600 29.00 17,400 900 32.00 46,200 Jan. 15 500 $29.00 14,500 500 32.00 16,000 500 32.00 $16,000 (2) Average-cost method: Purchased Sold Balance Cost of Unit Unit Goods Unit Date Units Cost Total Units Cost Sold Units Cost Balance Dec. 12 600 $29.00 $17,400 600 $29.00 $17,400 Jan. 9 900 32.00 28,800 1,500 30.80 46,200.00 Jan. 15 1,000 30.80 $30,800 500 30.80 15,400 ^ Correct!
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This note was uploaded on 07/15/2010 for the course ACC ACC50 taught by Professor Smith during the Summer '10 term at Rutgers.

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Chapter_8 - Student Name: Class: Problem 08-01 BASSTRACK...

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