{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 8 Lecture Problems

# Chapter 8 Lecture Problems - Chapter 8 – Exercise 1(1 of...

This preview shows pages 1–5. Sign up to view the full content.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 8 – Exercise 1 (1 of 6) Claremont Sweet Shoppe orders and sells toffees by the pound. On July 1 st , Claremont had 500 pounds of toffee on hand which was purchased at \$1.00 per pound. Claremont made a number of purchases of toffee during July: Date of purchase Pounds Cost per Pound Total Cost July 5 1,000 \$1.10 \$1,100 July 9 1,200 \$1.15 \$1,380 July 20 1,200 \$1.20 \$1,440 July 30 1,500 \$1.25 \$1,875 During July, the company sold 3,800 pounds of toffee at \$1.45 per pound. Chapter 8 – Exercise 1 (2 of 6) Part A: Compute the number of pounds of toffee on hand on July 31 st , and the cost of goods available for sale for the month of July. SOLUTION: Chapter 8 – Exercise 1 (3 of 6) Part B: Assume that the company uses the weighted-average inventory method. Compute its ending inventory on July 31 st , the cost of goods sold during July, and the company’s gross profit during July. SOLUTION: Chapter 8 – Exercise 1 (4 of 6) Part C: Assume that the company uses FIFO. Compute its ending...
View Full Document

{[ snackBarMessage ]}

### Page1 / 15

Chapter 8 Lecture Problems - Chapter 8 – Exercise 1(1 of...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online