Accounting Homework 8

2 Exercises

 

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Unit 8 Check Figures

Problem 7-1A

1.      

 Cost of Merchandise Sold:  Total Cost= 894,000

2.       Inventory:  Total Cost=264,000

Problem 7-2A

1.       Cost of Merchandise Sold:  Total Cost= 912,000

2.       Inventory:  Total Cost=246,000

   

Pr. 7-1A

of the

is incorrect for any date, an asterisk (*) will ONLY appear to the right of column K, “Total Cost.”

Inventory

Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost

28

cpence: Place the earliest units first, above the units that were received later.

Date

Cost of Merchandise Sold

Problem 7-1A

Name:

Section:

Enter the appropriate amount or item in the shaded cells.

If the

Total Cost

Inventory

1.

Date

Purchases

Cost of Merchandise Sold

Quantity

Unit Cost

Mar. 3

8

11

cpence: Place the earliest units first, above the units that were received later.

30

Apr. 8

10

19

28

May 5

16

21

31

Balances

cpence: Enter the total of column H, the total cost of merchandise sold.

2.

JOURNAL

Page 1

Description

Post Ref.

Debit

Credit

Sales

cpence: Record the credit sale in this entry. Select the account from the drop-down list.

cpence: Enter the ending inventory balance from cell K28.

Accounts Receivable

Merchandise Inventory

cpence: Record the cost of the goods sold in this entry.

3.

Gross Profit for the sales period:

4.

Ending Inventory Cost:

Pr. 7-2A

Name:

Section:
Enter the appropriate amount or item in the shaded cells.

1.
Date Purchases Cost of Merchandise Sold Inventory
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost

Mar. 3

8
cpence: Place the earliest units first, above the units that were received later.
11
30

Apr. 8

10

19
28

May 5

16

21

28

31 Balances
cpence: Enter the total of column H, the total cost of merchandise sold.

2. Gross Profit for the sales period:
3. Ending Inventory Cost:

Problem 7-2A
If the Total Cost of the Inventory is incorrect for any date, an asterisk (*) will appear ONLY to the right of column K, “Total Cost.”.
60	$ 1,500	$ 90,000
cpence: List the latest units first, above those that were received earlier.
cpence: Enter total ending inventory balance here.