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
(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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