Chapter 7 Homework

# Chapter 7 Homework - Rachel L Gates ACC-240 Chapter 7...

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Rachel L. Gates ACC-240 Chapter 7 Homework E7-2 (All work shown below) Cases Sales Revenue Beginning Inventory Purchases Cost of Goods Available for Sale Cost of Goods Sold Cost of Ending Inventory Gross Profit A 650 100 700 800 300 500 350 B 900 200 800 1,000 1,150 150 750 C 600 150 350 500 200 300 400 D 800 300 600 900 650 250 150 E 1,000 50 900 950 500 450 500 A.) Beginning Inventory 100 +Purchases 700 ( Cost of Goods Available for Sale) 800 (Cost of Goods Sold) (300) = 500 (Cost of Ending Inventory) Gross Profit: Sales Revenue 650 CGS -300 350 (Gross Profit) B.) Beginning Inventory 200 +Purchases 800 1000 ( Cost of Goods Available for Sale) +150 (Ending Inventory) = 1500 (Cost of Goods Sold) Gross Profit: Sales Revenue 900 CGS -150 (Cost of Goods Sold) 750 (Gross Profit) C.) Beginning Inventory 150 Cost of Ending Inv: 300 +Purchases 350 Cost of Goods Sold: +200 500 ( Cost of Goods Available for Sale) 500 -200 (Cost of Goods Sold) = 300 (Cost of Ending Inventory) Cost of Goods Avail 4 Sale: 500 Beginning Inventory: -150 Gross Profit 400 Purchases: 350 CGS +200 (Cost of Goods Sold) 600 (Sales Revenue)

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D.) Beginning Inventory 300 Cost of End. Inv: 250 +Purchases 600 CGS: +650 900 ( Cost of Goods Available for Sale) 900 +150 (Cost of Ending Inventory) (cost of goods avail. 4 sale) = 1500 (Cost of Goods Sold) Gross profit: Sales Revenue: 800 CGS: -650 150 E.) Beginning Inventory 50 Cost of Goods Avail 4 Sale: 950 +Purchases 900 CGS: -500 950 (Cost of Goods Available for Sale)
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## This note was uploaded on 02/01/2011 for the course ACC 240 taught by Professor Lewis during the Fall '08 term at Eastern Michigan University.

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Chapter 7 Homework - Rachel L Gates ACC-240 Chapter 7...

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