ACT_3391_Chp_8_Homework_Solutions

ACT_3391_Chp_8_Homework_Solutions - Intermediate Accounting...

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Intermediate Accounting I Amanda N. Paul, CPA, MBA Troy University
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Chapter 8 EXERCISE 8-1 Items 1, 3, 5, 8, 11, 13, 14, 16, and 17 would be reported as inventory in the financial statements. The following items would not be reported as inventory: 2. Cost of goods sold in the income statement. 4. Not reported in the financial statements. 6. Cost of goods sold in the income statement. 7. Cost of goods sold in the income statement. 9. Interest expense in the income statement. 10. Advertising expense in the income statement. 12. Office supplies in the current assets section of the balance sheet. 15. Not reported in the financial statements. 18. Short-term investments in the current asset section of the balance sheet.
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2005 2006 2007 Sales $290,000 $360,000 $410,000 Sales Returns 11,000 13,000 20,000 Net Sales 279,000 347,000 390,000 Beginning Inventory 20,000 32,000 37,000** Ending Inventory 32,000* 37,000 44,000 Purchases 242,000 260,000 298,000 Purchase Returns and Allowances 5,000 8,000 10,000 Transportation-in 8,000 9,000 12,000 Cost of Good Sold 233,000 256,000 293,000 Gross Profit 46,000 91,000 97,000 *This was given as the beginning inventory for 2006. **This was calculated as the ending inventory for 2006.
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ACT_3391_Chp_8_Homework_Solutions - Intermediate Accounting...

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