Ch 9 HW - Units Sold Unit Cost Total Cost October 5,100...

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Kelli Owens a included held title until jan 10, 09 b excluded consignee does not hold title c included title passed on shipping date d excluded passed title upon completion of special order e excluded FOB Destination f excluded evidence supports they will receive payment for this purchase g included treated as a loan
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9-32 Kelli Owens 1) (a) Net method Dec. 3 Purchases 8,342 Accounts Payable 8,342 Dec. 10 Purchases 7,275 Accounts Payable 7,275 Dec. 16 Accounts Payable 15,617 Discounts Lost 258 Cash 15,875 (b) Gross method Dec. 3 Purchases 8,600 Accounts Payable 8,600 Dec. 10 Purchases 7,500 Accounts Payable 7,500 Dec. 16 Accounts Payable 16,100 Purchase Discounts 225 Cash 15,875 Dec. 31 2 Discounts Lost 483 Accounts Payable 483
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9-37 Month August September October Month Units Sold Unit Cost Unit Cost $5.10 $5.20 $5.30 Aug 5,500 $5.10 Units Purchased 5,500 8,000 5,100 Sep 1,604 $5.20 Total Cost $28,050.00 $41,600.00 $27,030.00 Total Units Sold 7,104 $36,390 is the value of the inventory remaining 1) Month
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Unformatted text preview: Units Sold Unit Cost Total Cost October 5,100 $5.30 $27,030.00 September 2,004 $5.20 $10,420.80 Total Units Sold 7,104 $37,450.80 2) note disclosing LIFO method was used and that FIFO does not represent the market price THIS IS WRONG Total Cost FIFO $28,050 $8,340 $36,390 9-40 Date Unit Cost Units Total Cost 1-May $8 300 $2,400 $11 225 $2,475 $13 75 $975 8-May $14 115 $1,610 17-May $15 95 $1,425 29-May $14.5 200 $2,900 LIFO 1 Totals 1,010 Units Sold Unit Cost Inventory May 31 360 200 $14.50 Sheets Sold 650 95 $15.00 Sales price per unit 20.00 115 $14.00 Revenues $13,000 75 $13.00 COGS $8,725 165 $11.00 Gross Profit $4,275 Percentage of Sales 32.88% Total Units Sold 650 2 Revenues $13,000 - Assuming May 29 Purchase is made in J COGS $7,605 Units Sold Unit Cost Gross Profit $5,395 95 $15.00 Percentage of Sales 41.5% 115 $14.00 75 $13.00 225 $11.00 140 $8.00 Total Units Sold 650...
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This note was uploaded on 04/12/2011 for the course ACCT 2310 taught by Professor Santoshattar during the Fall '08 term at Cuyahoga CC.

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Ch 9 HW - Units Sold Unit Cost Total Cost October 5,100...

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