I-08.04 Worksheet

I-08.04 Worksheet - Name: Date: (a) I-08.04 Section: First...

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Name: Date: Section: I-08.04 (a) First Team Member -- Assuming FIFO, identify if the lender conditions are anticipated to be met. Purchases Available for Sale Cost of Goods Sold Ending Inventory - $ - $ - $ - - - - - - - - - - - - - $ - $ Gross Profit Rate Sales (16,000 X $5,000) - $ Cost of goods sold - Gross profit - $ Inventory Turnover Cost of goods sold - $ ÷ Ending inventory (substituted for average inventory) - Turnover rate Current Ratio Current assets - $ ÷ Current liabilities - $ Current ratio 1 of 7
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Date: Section: I-08.04 (b) Second Team Member -- Obtain the first team member's results. If all lender conditions were not met, determine if a change in planned 4th quarter purchases would allow all conditions to be met. Purchases Available for Sale Cost of Goods Sold Ending Inventory - $ - $ - $ - - - - - - - - - - - - $ - $ - Gross Profit Rate Sales (16,000 X $5,000) - $ Cost of goods sold - Gross profit - $ Inventory Turnover Cost of goods sold - $ ÷ Ending inventory (substituted for average inventory)
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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I-08.04 Worksheet - Name: Date: (a) I-08.04 Section: First...

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