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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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sales were on account. If an amount box does not require an entry, leave it blank. Description Post. Ref. Record sale Accounts Receivable Sales Record cost Cost of Merchandise Sold Merchandise Inventory ✓ 3. Determine the gross profit from sales for the period. Lower 4. Determine the ending inventory cost as of June 30. Debit Credit 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?
Transcribed Image Text:sales were on account. If an amount box does not require an entry, leave it blank. Description Post. Ref. Record sale Accounts Receivable Sales Record cost Cost of Merchandise Sold Merchandise Inventory ✓ 3. Determine the gross profit from sales for the period. Lower 4. Determine the ending inventory cost as of June 30. Debit Credit 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?
Date Apr. 3 8 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 72 120 72 36 120 216 Per Unit $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 Total $43,200 103,680 192,000 120,000 96,000 144,000 72,000 105,600 151,200 201,600 207,360 226,800
Transcribed Image Text:Date Apr. 3 8 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 72 120 72 36 120 216 Per Unit $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 Total $43,200 103,680 192,000 120,000 96,000 144,000 72,000 105,600 151,200 201,600 207,360 226,800
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