Intermediate Accounting I with Pierre

Intermediate Accounting I with Pierre - Lecture notes with...

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-Reviewed homework problems from Chapter 8 Exercise 8-14: Beg. Inv. 600 @ $6 = $3600 +Purchases 1500 @ 6.08= $9120 800 @ 6.40= $5120 1200 @ 6.50= $7800 700 @ 6.60= $4620 500 @ 6.79= 3395 Goods Available $33,655 LIFO (periodic): 4500 units sold 500 x 6.79= 3395 700 x 6.60= 4620 1200 x 6.50= 7800 800 x 6.40= 5120 1300 x 6.08= 7904 TOTAL = $28,839 Ending Inventory: 200 x 6.08= 1216 600 x 6.00= 3600 TOTAL = $4816 Average Cost: Goods Available ($)___ = $33,655 = $6.35 Goods Available (units) 5300 800 units left x $6.35 = $5080 4500 units sold x $6.35 = $28,575 FIFO (perpetual): 4/3 600 beg. Units - 500 sold = 100 units left 100 units x $6 = $600 4/4 1500 units x $6.08 (Purchase) 4/8 800 units x $6.40 (Purchase) 4/9 1300 units sold 100 units x $6 1200 units x $6.08 4/11 600 units sold 300 units x $6.08 300 units x $6.40 4/13 1200 units x $6.50 (Purchase) 4/21 700 units x $6.60 (Purchase)
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4/23 1200 units sold 500 units x $6.40 700 units x $6.50 4/27 900 units sold 500 units x $6.50 400 units x $6.60
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This note was uploaded on 08/25/2010 for the course ACCT 315 taught by Professor Kentstpierre during the Spring '08 term at University of Delaware.

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Intermediate Accounting I with Pierre - Lecture notes with...

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