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
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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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