acc chap7,8 thuy - E7-43 Cost of good sold available for...

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Unformatted text preview: E7-43 Cost of good sold available for sale:60 x 1,350 + 14 x 1,400 + 12 x 1,500 +18 x 1,750 = $150,100a.FIFOCOGS = 40 x 1,350 = $ 54,000Ending inventory = 150,000 – 54,000 = $96,100b.LIFOCOGS = 18 x 1,750 + 12 x 1,500 + 10 x 1,400 = $63,500Ending inventory = 150,100 – 63,500 = $86,600c.Average costCOGS available for sale = 150,100 = $1,443 (per unit)Units available for sale (60+14+12+18)COGS = 1,443 x 40 = $57,730Ending inventory = 150,100 – 57,730 = $92,369 P7-541+2PerpetualPeriodica. Inventory............................20,000(500 units at $40)Account payable....................20,000b. Inventory............................24,000(300 units at $80)Account payable....................24,000c. Account payable.................480(12 units at $40)Inventory...............................480d. Account payable.................19,520Cash.......................................19520e. Account payable.................12,000(150 units at $80)Cash.......................................12,000f. Account payable.................12,000f....
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This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

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acc chap7,8 thuy - E7-43 Cost of good sold available for...

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