Chapter 8 Lecture Problems

Chapter 8 Lecture Problems - Chapter 8 Exercise 1 (1 of 6)...

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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 companys gross profit during July. SOLUTION: Chapter 8 Exercise 1 (4 of 6) Part C: Assume that the company uses FIFO. Compute its ending...
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Chapter 8 Lecture Problems - Chapter 8 Exercise 1 (1 of 6)...

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