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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## This test prep was uploaded on 04/01/2014 for the course RSM 219 taught by Professor Z during the Spring '11 term at University of Toronto.

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