HW_6 Answers - Chapter 6 Inventory and Cost of Goods Sold...

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Chapter 6 Inventory and Cost of Goods Sold Exercises (15-20 min.) E 6-13 Req. 1 Perpetual System Thousands 1. Purchases: Inventory…………………….……….… 1,200 Accounts Payable…………………. 1,200 2. Sales: Cash ($2,000 × .20)…….……………. . 400 Accounts Receivable ($2,000 × .80). 1,600 Sales Revenue…………….………. 2,000 Cost of Goods Sold…………………. . 900 Inventory………………….………. ... 900 Req. 2
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Thousands BALANCE SHEET Current assets: Inventory………………………………. $ 670 INCOME STATEMENT Sales revenue……………………………. $2,000 Cost of goods sold……………………… 900 Gross profit………………………………. $1,100
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(10-15 min.) E 6-15 1. Inventory Begin. Bal. ( 5 units @ $160) 800 Purchases Oct. 15 (11 units @ $170) 1,870 Cost of goods sold 26 ( 5 units @ $180) 900 (13 units @ $?) ? Ending bal.
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This note was uploaded on 04/03/2012 for the course ACCT 23020 taught by Professor Dorff,p during the Spring '08 term at Kent State.

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HW_6 Answers - Chapter 6 Inventory and Cost of Goods Sold...

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