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Chapter 6 week 3 E6-20

# Chapter 6 week 3 E6-20 - Accounts Receivable = \$1650 Gross...

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E6-20   Beginning inventory   20 tires @ \$60 Purchase                   8 tires @ \$75 Sale                         15 tires @ \$110   FIFO   Cost of Goods Sold = 15 tires x \$60                = \$900 Accounts Receivable = 15 tires x \$110           = \$1650 Gross Profit                                                   = \$750   LIFO   Cost of Goods Sold = 8 tires x \$75                  = \$600                                   7 tires x \$60                                     = \$420     Cost of Goods                                               = \$1020
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Unformatted text preview: Accounts Receivable = \$1650 Gross Profit = \$630 Average Cost 20 tires x \$60 = \$1200 8 tires x \$75 = \$ 600 Total = \$1800/28 = \$64.29 Cost of Goods Sold 15 tires x \$64.29 = \$964 Accounts Receivable = \$1650 Gross Profit = \$686...
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