QucikStudy6-1

# QucikStudy6-1 - Goods Purchased Cost of Goods Sold Exercise...

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Quick Study 6-1 Date Goods Purchased Cost of Goods Sold December 7 10 @ \$6 = \$60 December 14 20 @ \$12= \$240 December 15 10 @ \$6 = \$60 5 @ \$12 = \$60 December 21 15 @ \$14 = \$210 December 31 (b) LIFO Date Goods Purchased Cost of Goods Sold December 7 10 @ \$6 = \$60 December 14 20 @ \$12= \$240 December 15 15 @ \$12 = \$84 December 21 15 @ \$14 = \$210 December 31 (c) Weighted Average Date Goods Purchased Cost of Goods Sold Exercise 6-1 a. Specific identification (a) FIFO (d) Ending inventory under specific identification:

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Ending Inventory Cost of Goods Sold Computations: Date Goods Purchased Cost of Goods Sold c. FIFO Perpetual Date Goods Purchased Cost of Goods Sold b. Weighted average perpetual
d. LIFO Perpetual Date

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Unformatted text preview: Goods Purchased Cost of Goods Sold Exercise 6-5 Per U Inventory Items Units Cost a. Lower of cost or market of inventory as a whole = b. Lower of cost or market of inventory by product = Inventory Balance 10 @ \$6 = \$60 10 @ \$6 = \$60 \$300 20 @ \$12= \$240 15 @ \$12 = \$180 15 @ \$12 = \$180 \$390 15 @ \$14 = \$210 15 @ \$12 = \$180 \$390 15 @ \$14 = \$210 Inventory Balance 10 @ \$6 = \$60 \$120 5 @ \$12 = \$60 10 @ \$6 = \$60 \$330 5 @ \$12 = \$60 15 @ \$14 = \$210 10 @ \$6 = \$60 \$330 5 @ \$12 = \$60 15 @ \$14 = \$210 Inventory Balance Inventory Balance Inventory Balance Inventory Balance Unit Total Total Market Cost Market LCM applied to: Products Whole...
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## This note was uploaded on 02/26/2011 for the course ACCOUNTING 225 taught by Professor Mr.t during the Spring '11 term at McMaster University.

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QucikStudy6-1 - Goods Purchased Cost of Goods Sold Exercise...

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