Templates for tutorial 8

Templates for tutorial 8 - Templates for selected problems...

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Templates for selected problems Tutorial 8 7111AFE Tutorial Solution: Topic 8 E 6-1 Perpetual Inventory Record – FIFO PICKER PARADISE Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost May Ending inventory = Cost of goods sold = E 6-5 Req. 1 Journal Perpetual System ACCOUNTS AND EXPLANATIONS DEBIT CREDIT Thousands 1. Purchases:) 2. Sales: Req. 2 BALANCE SHEET: Thousands Current assets: Inventory
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INCOME STATEMENT: Sales revenue Cost of goods sold Gross profit E 6-9 Req. 1-4 Periodic Inventory Record Cost of goods available for sale Oct. 1 Beginning inventory………. 9 @ $160 = 8 Purchase……………………. 4 @ 160 15 Purchase……………………. 12 @ 170 26 Purchase……………………. 3 @ 176 Goods available for sale…. Ending inventory Cost of goods sold (1) Specific unit cost = (2) Average unit cost = (3) FIFO = (4) LIFO = E 6-17 Retail inventory method of estimating inventory
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Templates for tutorial 8 - Templates for selected problems...

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