7 problems Sheet1

# Using the informa4on given compute the cost of goods

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Unformatted text preview: E 7 ­28 Adjus4ng Inventory (Perpetual Method) Deer Company's perpetual inventory records shows an inventory balance of \$120,000. Deer Company's records also show cost of goods sold totaling \$240,000. A physical count of inventory on Dec 31, 2012, showed \$92,000 of ending inventory. Adjust the inventory records assuming that the perpetual inventory method is used. E 7 ­30 Cost of Goods Sold Calcula4on The accounts of Berred Company have the following balance for 2012: Purchases 520,000 Inventory, Jan 1, 2012 80,000 Purchase returns 15,280 Purchase discount 1,760 Freight In 24,800 Freight out (selling expense) 4,800 Cash 8,000 The inventor count on Dec 31, 2012, is \$96,000. Using the informa4on given, compute the cost of goods sold for Berred Company for 2012. E 7 ­33 Inventory Cos4ng Methods For each of the descrip4ons listed below, iden4fy the inventory cos4ng method to which it applies. The cos4ng methods are...
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## This note was uploaded on 01/29/2014 for the course ACC 221 taught by Professor Julieancius during the Spring '12 term at Wisc La Crosse.

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