# Ch07 - Student Name Class Problem 07-03 Requirement 1...

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Student Name: Class: Problem 07-03 Requirement 1: ATLANTA COMPANY Partial Income Statement For the Month Ended January 31, 2010 (a) (b) (c) (d) Weighted Specific Average FIFO LIFO Identification Sales revenue* Cost of goods sold** Gross profit Note: See computations below ATLANTA COMPANY Computations *Sales revenue: Units Cost Revenue **Cost of goods sold: Weighted Specific Units Average FIFO LIFO Identification Beginning inventory Purchases (net)*** Goods available for sale Ending inventory**** Cost of goods sold

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Student Name: Class: Problem 07-03 Requirement 1: ***Purchases: Dollar Units Cost Amount January 12 January 26 Totals ****Ending inventory: (a) Weighted-average: Units Amount Beginning inventory Purchases Totals Average cost Ending inventory (b) FIFO: Units Cost Total Ending inventory (c) LIFO: Units Cost Total Ending inventory (d) Specific identification: Units Cost Total Ending inventory
Student Name: Class: Problem 07-03 Requirement 1: Requirement 2: Requirement 3: Requirement 4:

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Given Data P07-03: ATLANTA COMPANY Transactions Units Amount Inventory, January 1, 2010 500 \$2,500 Purchase, January 12 600 3,600 Purchase, January 26 160 1,280 Sale (370) Sale (250)
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## This note was uploaded on 06/27/2011 for the course ACCOUNTING 121 taught by Professor Ambrose during the Spring '10 term at San Mateo Colleges.

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Ch07 - Student Name Class Problem 07-03 Requirement 1...

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