Mod 6 Assignments etc.

Mod 6 Assignments etc. - P9-3(a)

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: P9-3(a) 12/31/10COGS68,000Inventory68,00012/31/11COGS75,000Inventory75,000(b)12/31/10Loss due to market 68,000Allowance to reduceInventory to Market 68,00012/31/11Loss due to market75,000Allowance to reduceInventory to Market75,000P9-5Cash$ 20,000Accounts Receivable40,000Inventory, December 31,201075,000Land35,000Building and Equipment110,000Accumulated Depreciation$ 41,300Other Assets3,600Accounts Payable23,700Other Expense Accruals10,200Capital Stock100,000Retained earnings52,000Sales135,000Purchases52,000Other Expenses26,600$362,200$362,200Year EndedDecember 3120102011Net Sales$530,000$390,000Net Purchases280,000235,000Beginning Inventory 50,00066,000Ending inventory75,00050,000Beginning Inventory + Inventory Purchases End Inventory = Cost of Goods Sold200966,000+ 235,000-50,000 =251,000 (64% GPM)201050,000+280,000-75,000 =255,000 (48% GPM)GPM=(sell price-cost)/sell priceGPM=(530,000+390,000 -280,000+235,000-55,000 +66,000)/42%=56,400 / 135,0003/31/11 Ending Inventory = Beginning Inventory + Units Purchased - Units Sold...
View Full Document

Page1 / 8

Mod 6 Assignments etc. - P9-3(a)

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online