Chapter 6 Recitation sols

Chapter 6 Recitation sols - Problems Group A(20-25 min P...

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Problems Group A (20-25 min.) P 6-28A Req. 1 Perpetual Inventory Record – FIFO IRON INVENTORY Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 50 $40 $2,000 3 40 $40 $1,600 10 40 400 8 80 $44 $3,520 10 40 400 80 44 3,520 21 10 40 400 60 44 2,640 20 44 880 30 10 48 480 20 44 880 10 48 480 31 90 $4,000 110 $4,640 40 $1,360 Req. 2 Cost of goods sold = $4,640 . Req. 3 Sales revenue [(40 × $70) + (70 × $75)]……. .. $8,050 Cost of goods sold……………………………. .. 4,640 Gross profit……………………………………… $3,410
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(30-40 min.) P 6-29A Req. 1 Perpetual Inventory Record – LIFO TOYS Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Begin. 20 $55 $1,100 Pur. 1 30 $65 $1,950 20 55 1,100 30 65 1,950 Sale 1 30 $65 $1,950 10 55 550 10 55 550 Pur. 2 70 70 4,900 10 55 550 70 70 4,900 Sale 2 70 70 4,900 5 55 275 5 55 275 Ending 100 $6,850 115 $7,675 5 $ 275
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(continued) P 6-29A Req. 2 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Pur. 1 Inventory 1,950 Accounts Payable 1,950 Sale 1 Accounts Receivable (40 × $100) 4,000 Sales Revenue 4,000 Cost of Goods Sold ($1,950 + $550) 2,500 Inventory 2,500 Pur. 2 Inventory 4,900 Accounts Payable 4,900 Sale 2 Accounts Receivable (75 × $110) 8,250 Sales Revenue 8,250 Cost of Goods Sold
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Chapter 6 Recitation sols - Problems Group A(20-25 min P...

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