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

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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 = $150,100 a. FIFO COGS = 40 x 1,350 = $ 54,000 Ending inventory = 150,000 – 54,000 = $96,100 b. LIFO COGS = 18 x 1,750 + 12 x 1,500 + 10 x 1,400 = $63,500 Ending inventory = 150,100 – 63,500 = $86,600 c. Average cost COGS available for sale = 150,100 = $1,443 (per unit) Units available for sale (60+14+12+18) COGS = 1,443 x 40 = $57,730 Ending inventory = 150,100 – 57,730 = $92,369 P7-54 1+2 Perpetual Periodic a. Inventory ............................ 20,000 (500 units at $40) Account payable .................... 20,000 b. Inventory ............................ 24,000 (300 units at $80) Account payable .................... 24,000 c. Account payable ................. 480 (12 units at $40) Inventory ............................... 480 d. Account payable ................. 19,520 Cash ....................................... 19520 e. Account payable ................. 12,000 (150 units at $80) Cash ....................................... 12,000 f. Account payable ................. 12,000 Cash ....................................... 12,000 g. Account receivable ............. 36,000 (400 units at $90) Sales ...................................... 36,000 COGS ................................. 16,000 Purchase .............................. 20,000 Account payable ..................... 20,000 Purchase .............................. 24,000 Account payable ..................... 24,000 Account payable .................. 480 Purchase return ....................... 480 Account payable .................. 19520 Cash ........................................ 19520 Account payable .................. 12,000 Cash ........................................ 12,000 Account payable .................. 12,000 Cash ........................................ 12,000 Account receivable .............. 36,000 Sales ....................................... 36,000
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(4000 units at $40) Inventory ............................... 16,000 h. Account receivable ............. 30,000 (200 units at &150) Sales ..................................... 30,000 COGS ................................. 16,000 (200units at $80) Inventory .............................. 16,000 i. Sale return ………………630 (7 units at $90) Account receivable………...630 Inventory………………...280
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