hw 6 - Dr Bissonette Bus 214 Homework Assignment#6 S6-2 1...

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Dr. Bissonette May 17, 2010 Bus 214 Homework Assignment #6 S6-2) 1 Merchandise Inventory 100,000 Accounts Payable 100,000 2 Accounts Receivable 240,000 Sales Revenue 240,000 3 Cost of Goods Sold 80,000 Inventory 80,000 Riley Kilgo, Inc. Balance Sheet (partial ) 1 Current Assets 2 Inventory (100,000-80,000)…………………………. .20,000 Riley Kilgo, Inc. Income Statement (partial) 1 Revenue 2 Sales Revenue………………………………………. .240,000 3 Cost of Goods Sold………………………………….80,000 4 Gross Profit.……………………………………………160,000 S6-7) Balance Sheet: Inventory = 49,000 Income Statement: Cost of Goods Sold [410,000 + 60,000) – 49,000] = 421,000 E6-15) 1. Specific Unit Cost: a) Cost of Goods Available for Sale $3570 Less: Total ending inventory $1380 Cost of Goods Sold $2190 b) Average Cost = $170 (Average cost per unit = Cost of goods available/Number of units available = 3570/21) Ending Inventory = $1360 (average cost x inventory units = 170 x 8) Cost of Goods Available $3570 Less: Total Ending Inventory ($1360)
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This note was uploaded on 01/06/2012 for the course BUSINESS 214 taught by Professor Michellebissonette during the Winter '10 term at Cal Poly.

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hw 6 - Dr Bissonette Bus 214 Homework Assignment#6 S6-2 1...

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