acy1111-ch6

acy1111-ch6 - PROBLEM 6-2A(a Date 1/1 3/15 7/20 9/4 12/2...

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© 2009 For Instructor Use Only 6-28 PROBLEM 6-2A (a) COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $21 $ 2,100 3/15 Purchase 300 24 7,200 7/20 Purchase 200 25 5,000 9/4 Purchase 300 28 8,400 12/2 Purchase 100 30 3,000 Total 1,000 $25,700 (b) FIFO (1) Ending Inventory (2) Cost of Goods Sold Date Units Unit Cost Total Cost Cost of goods available for sale $25,700 12/2 100 $30 $3,000 9/4 100 28 2,800 Less: Ending inventory 5,800 200 $5,800 Cost of goods sold $19,900 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost 1/1 100 $21 $ 2,100 3/15 300 24 7,200 7/20 200 25 5,000 9/4 200 28 5,600 800 $19,900 LIFO (1) Ending Inventory (2) Cost of Goods Sold Date Units Unit Cost Total Cost Cost of goods available for sale $25,700 1/1 100 $21 $2,100 3/15 100 24 2,400 Less: Ending inventory 4,500 200 $4,500 Cost of goods sold $21,200
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© 2009 For Instructor Use Only 6-29 PROBLEM 6-2A (Continued) Proof of Cost of Goods Sold Date Units Unit Cost Total Cost 12/2 100 $30 $ 3,000 9/4 300 28 8,400 7/20 200 25 5,000 3/15 200 24 4,800 800 $21,200 AVERAGE COST (1) Ending Inventory (2) Cost of Goods Sold $25,700 ÷ 1,000 = $25.70
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This note was uploaded on 02/04/2012 for the course ACCT 2111 taught by Professor Eric during the Spring '11 term at CUHK.

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acy1111-ch6 - PROBLEM 6-2A(a Date 1/1 3/15 7/20 9/4 12/2...

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