Week 2 assignment 2 accounting

# Week 2 assignment 2 accounting - aphyFlows ash Inc...

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raphy Inc. ent c.31,2012 FIFO LIFO Weighted Av. 51,000 51,000 51,000 : 28,450 28,950 28,671 22,550 22,050 22,329 : 30,300 30,300 30,300 -7,550 -8,250 -7,971 ec.31, 2012 hted Av. 19,00 19,000 19,000 -6,000 -6,000 6,750 6,750 6,750 0 4,500 4778.50 50 24,250 1,971.50 ash Flows ng Dec.31, 2012 Weighted Av. Customers: 51,000 51,000 51,000 Inventory: (26,700) (26,700) (26,700) r Op ex. (30,300) (30,300) (30,300) om Op.: ( 6,000) (6,000) (6,000) al. : 19,000 19,000 19,000 nce: 13,000 13,000 13,000 Accounting 1 Accounting: Week 2 Assignment 2 Corriene Power ACC201: Principles of Financial Accounting Mrs. Regina Ivory December 18, 2010

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Accounting 2 4-20 Effect of different inventory cost flow methods on financial statements Cash \$19,000 Beginning inventory \$6,750 (75 [email protected]\$90) Common Stock \$ 7,500 Retained Earnings \$18,250 5 transactions 1. First cash purchase 100 units @ \$92 = 9200 2. Second cash purchase 175 units @ \$100 = 17500 3. Sales (all cash) 300 units @ \$170 = 51000 4. Paid 15,000 cash for operating expenses 5. Paid cash for income taxes at the rate of 30% of income before taxes Cost of Goods Ending Inventory FIFO: 75 units @ 90 = 6,750 50 left @ 100 unit = 5,000 100 units @ 92 = 9,200 125 units @ 100 = 12,500 Cost of goods sold 28,450
Cost of Goods Ending Inventory LIFO: 175 units @100 = 17500 50 units @ 90 left = 4,500 100 units @ 92 = 9,200

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Week 2 assignment 2 accounting - aphyFlows ash Inc...

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