Financial Accounting (11th Edition)
11th Edition
ISBN: 9780134127620
Author: Walter T. Harrison Jr., Charles T. Horngren, C. William Thomas, Wendy M. Tietz
Publisher: PEARSON
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Textbook Question
Chapter 6A, Problem 4E
(Journal inventory transactions in the periodic system; compute cost of goods sold) Use the data in E6A-3
Requirements
Journalize the following for the periodic system:
1. Total October purchases in one summary entry. All purchases were on credit.
2. Total October sales in a summary entry. Assume that the selling price was $275 per unit and that all sales were on credit.
3. October 31 entries for inventory. Synthetix uses LIFO. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account.
4. Show the computation of cost of goods sold by the cost-of-goods-sold model.
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Chapter 6A Solutions
Financial Accounting (11th Edition)
Ch. 6A - (Record inventory transactions in the periodic...Ch. 6A - (Compute cost of goods sold and prepare the income...Ch. 6A - (Compute amounts for the GAAP inventory...Ch. 6A - (Journal inventory transactions in the periodic...Ch. 6A - (Compute cost of goods sold and gross profit on...Ch. 6A - (Record transactions in the periodic system;...
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