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Ch 7 Worksheet 7.1 Blank

# Ch 7 Worksheet 7.1 Blank - \$5.00 \$15.00 COGS Inv What was...

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HANDOUT 7 – 1 INVENTORY COSTING METHODS Quickie Grocery acquired the following five bottles of Corporate-Cola soft drink: Date Jan. 2 Jan. 10 Jan. 12 Jan. 16 Jan. 25 Cost \$1.00 \$2.00 \$3.00 \$4.00 \$5.00 A January 31 inventory count revealed that two bottles remained on the shelf. How many bottles were sold in January? 3 Specific Identification The Quickie Grocery keeps track of each individual bottle. Suppose the Grocery knows that it sold the bottles acquired on Jan. 2, 12, and 16. Date Jan. 2 Jan. 10 Jan. 12 Jan. 16 Jan. 25 Total Cost \$1.00 \$2.00 \$3.00 \$4.00 \$5.00 \$15.00 COGS Inv. What was the value of inventory on January 31? 7 What was the cost of goods sold for January? 8 First-in, First-out (FIFO) Date Jan. 2 Jan. 10 Jan. 12 Jan. 16 Jan. 25 Total Cost \$1.00 \$2.00 \$3.00 \$4.00

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Unformatted text preview: \$5.00 \$15.00 COGS Inv. What was the value of inventory on January 31? 9 What was the cost of goods sold for January? 6 HANDOUT 7 – 1, CONTINUED Last-in, First-out (LIFO) Date Jan. 2 Jan. 10 Jan. 12 Jan. 16 Jan. 25 Total Cost \$1.00 \$2.00 \$3.00 \$4.00 \$5.00 \$15.00 COGS Inv. What was the value of inventory on January 31? 3 What was the cost of goods sold for January? 12 Weighted Average Date Jan. 2 Jan. 10 Jan. 12 Jan. 16 Jan. 25 Cost \$1.00 \$2.00 \$3.00 \$4.00 \$5.00 \$15.00 What was the value of inventory on January 31? 6 What was the cost of goods sold for January? 9 Complete the following table: Specific Identification FIFO LIFO Weighted Average COGS 8 6 12 9 Inventory 7 9 3 6...
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