Fall 2011 - term test #2.doc - solutions(2)

80 1 points periodic inventory system 618 60 264

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Unformatted text preview: +(35*$4.80) (1 points) Periodic inventory system $618 = $60 +$264 +$126 +(35*$4.80) (1 points) $48 = 10*$4.80 (1 points) $48 = 10*$4.80 (1 points) Jan. 7 sale $280.80 = ($60 +$264) / (15 +60) *65 (1 point) Jan. 29 sale $339.88 = ($60 +$264  ­$280.80 +$126 +$216) /(15 +60  ­65 +30 +45) *75 (1 point) Total $620.68 = $280.80 +$339.88 2 points $621.60 = ($60 +$264 +$126 +$216) /(15 +60 +30 +45)*(65 +75) (2 points) Ending inventory assuming Pacioli uses average cost $45.32 = $60 +$264 +$126 +$216  ­$620.68 (1 points) $44.40 = $60 +$264 +$126 +$216  ­$621.60 (1 points) Part D ( 12 marks) Assets December 31, 2010 Net Earnings December 31, 2010 Retained Earnings December 31, 2010 1. Inventory of $75,000 that is held on consignment is included in inventory at December 31, 2010. Overstated $75,000 Overstated $75,000 Overstated $75,000 2. $25,000 of inventory purchased...
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