exercise 7-2 a. - cengage · exercise 7-1 . exercise 7-2 . a. b. c. ... exercise 7-3 . portable...
TRANSCRIPT
Name Chapter 7 342
EXERCISE 7-1
EXERCISE 7-2 a.
b.
c.
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Name Chapter 7
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343
EXERCISE 7-3
Portable Video CD Players
Purchases Cost of Merchandise Sold Inventory Date
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Name Chapter 7
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344
EXERCISE 7-4
Portable Video CD Players
Purchases Cost of Merchandise Sold Inventory Date
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Name Chapter 7
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345
EXERCISE 7-5
Cell Phones
Purchases Cost of Merchandise Sold Inventory Date
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Name Chapter 7
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346
EXERCISE 7-6
Cell Phones
Purchases Cost of Merchandise Sold Inventory Date
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Name Chapter 7 347
EXERCISE 7-7
a. FIFO:
b. LIFO:
EXERCISE 7-8 a. First-in, first-out method:
b. Last-in, first-out method:
c. Average cost method:
EXERCISE 7-9 Cost Inventory Method Merchandise Inventory Merchandise Sold
a. First-in, first-out................
b. Last-in, first-out................
c. Average cost....................
Supporting calculations:
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Name Chapter 7 348
EXERCISE 7-10
a. FIFO inventory _________ LIFO inventory
b. FIFO cost of goods sold _________ LIFO cost of goods sold
c. FIFO net income _________ LIFO net income
d. FIFO income tax _________ LIFO income tax
2.
EXERCISE 7-11
A B C D E F G 1 Unit Unit Total 2 Inventory Cost Market Lower 3 Commodity Quantity Price Price Cost Market of C or M 4 Aquarius 20 $ 80 $ 92 5 Capricorn 50 70 65 6 Leo 8 300 280 7 Scorpio 30 40 30 8 Taurus 100 90 94 9 Total
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Name Chapter 7 349
EXERCISE 7-12
EXERCISE 7-13
a. Balance Sheet
Merchandise inventory .......................................
Current assets ....................................................
Total assets ........................................................
Owner’s equity....................................................
b. Income Statement
Cost of merchandise sold...................................
Gross profit .........................................................
Net income..........................................................
EXERCISE 7-14
a. Balance Sheet
Merchandise inventory .......................................
Current assets ....................................................
Total assets ........................................................
Owner’s equity....................................................
b. Income Statement
Cost of merchandise sold...................................
Gross profit .........................................................
Net income..........................................................
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Name Chapter 7 350
EXERCISE 7-15
APPENDIX EXERCISE 7-16
APPENDIX EXERCISE 7-17
APPENDIX EXERCISE 7-18
APPENDIX EXERCISE 7-19 A B C 1 Cost Retail
2
3
4
5
6
7
8
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Name Chapter 7 351
APPENDIX EXERCISE 7-20
a. A B C 1 Cost Retail
2
3
4
5
6
7
8
b.
APPENDIX EXERCISE 7-21
APPENDIX EXERCISE 7-22
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Name Chapter 7 352
EXERCISE 7-23
a. Apple:
American Greetings:
b.
EXERCISE 7-24
a. Number of Days’ Sales in Inventory =
Kroger:
Safeway:
Winn-Dixie:
Inventory Turnover =
Kroger:
Safeway:
Winn-Dixie:
b.
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Name Chapter 7
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353
EXERCISE 7-24, Concluded
c.
Name Chapter 7
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354 PROBLEM 7-1 ___ 1.
Purchases Cost of Merchandise Sold Inventory Date
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Name Chapter 7 355
PROBLEM 7-1 ___, Concluded
2. JOURNAL PAGE
DATE DESCRIPTION POST.REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
3.
4.
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Name Chapter 7
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356
PROBLEM 7-2 ___ 1.
Purchases Cost of Merchandise Sold Inventory Date
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Name Chapter 7 357
PROBLEM 7-2 ___, Concluded
2. and 3.
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Name Chapter 7 358
PROBLEM 7-3 ___ 1. First-In, First-Out Method
Model Quantity Unit Cost Total Cost
2. Last-In, First-Out Method
Model Quantity Unit Cost Total Cost
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Name Chapter 7 359
PROBLEM 7-3 ___, Concluded 3. Average Cost Method
Model Quantity Unit Cost Total Cost
Computations of unit costs:
4. a.
b.
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Name Chapter 7
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360
PROBLEM 7-4 ___
A B C D E F G H 1
2 Inventory Sheet December 31, 2010
3 4 Unit Unit Total 5 Inventory Cost Market Lower 6 Description Quantity Price Price Cost Market of C or M 7 Alpha 10 38 30 $ 60 $ 57 $1,800 $1,710 8 8 59 472 456 9 2,272 2,166 $ 2,166
10 Beta 30 18 180 11 Charlie 4 30 120 12 13 14 Echo 9 125 26 15 Frank 6 18 550 16 17 18 George 15 60 15 19 Killo 6 5 390 20 Quebec 12 375 6 21 Romeo 7 90 18 22 23 24 Sierra 3 6 235 25 26 27 Washburn 2 140 20 28 29 30 X-Ray 4 15 745 31 32 33 Total 34 35
Name Chapter 7
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Name Chapter 7 362
APPENDIX PROBLEM 7-5 ___ 1.
A B C 1
2 Cost Retail
3
4
5
6
7
8
9
10
11
12
2. A B C 1
2 a. Cost Retail
3
4
5
6
7
8
9
10
11
12
13 b.
14
15
16
17
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Name Chapter 7
This Page Not Used.
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