ACCT Dec 11

ACCT Dec 11 - ACCT Professor Williams Chapter 8 Homework...

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ACCT Professor Williams Chapter 8 Homework Page 360 PB8-1 Weighted Average Number of Units x Unit Cost = Total Cost 500 5 2500 600 9 5400 160 8 1280 1260 9180 Weighted average cost = $ cost of goods available for sale = 9180 =$7.29 # of units available for sale 1260 Ending Inventory = 560 x 7.29 = $4082.40 Cost of Goods Sold = 700 x 7.29 = $5103.00 Gross Profit = Sales Revenue - COGS 5103 First in First out (FIFO) Units Unit Cost Total Cost First units in Jan 1 500 5 2500 Next units in Jan 12 600 9 5400 Last units in Jan 26 160 8 1280 $ cost of goods available for sale = 9180 COGS = 2500 + 1800 = 4300 Ending inventory = 400 x 9 + 160 x 8 = 4880 Gross Profit = Sales Revenue - COGS 4300 Last in First out (LIFO)
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Units Unit Cost Total Cost Last units in Jan 26 160 8 1280 Next units in Jan 12 600 9 5400 First units in Jan 1 500 5 2500 $ cost of goods available for sale = 9180 COGS = 1280 + 4860 = 6140 Ending inventory = 60 x 9 + 500 x 5 = 3040 Gross Profit = Sales Revenue - COGS 6140 Specific Identification
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ACCT Dec 11 - ACCT Professor Williams Chapter 8 Homework...

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