FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Chapter 6: Inventory and Cost of Goods Sold
Multi-Step Income Statement
Use the data below to answer the following questions.
720,000
2,000
Salaries expense
210,000|Sales revenue
Sales returns
Utilities expense
15,000 Interest income
18,000 Cost of goods sold
300,000
Income tax expense
27,000 Rent Expense
12,000
4,000
30,000
Cash
12,000 Interest expense
Inventory (beginning)
25,000 Inventory (end)
1
Gross Profit
2
Operating Income
Purchases
4
Gross Profit Ratio
Use the following schedule to answer the questions below.
Units
Cost
per unit
Beginning inventory
10
75
750
Purchase 1
50
77
3,850
Purchase 2
40
79
3,160
GAFS
100
7,760
The company sold
95
Units
Determine ending inventory using LIFO:
3.
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Transcribed Image Text:Chapter 6: Inventory and Cost of Goods Sold Multi-Step Income Statement Use the data below to answer the following questions. 720,000 2,000 Salaries expense 210,000|Sales revenue Sales returns Utilities expense 15,000 Interest income 18,000 Cost of goods sold 300,000 Income tax expense 27,000 Rent Expense 12,000 4,000 30,000 Cash 12,000 Interest expense Inventory (beginning) 25,000 Inventory (end) 1 Gross Profit 2 Operating Income Purchases 4 Gross Profit Ratio Use the following schedule to answer the questions below. Units Cost per unit Beginning inventory 10 75 750 Purchase 1 50 77 3,850 Purchase 2 40 79 3,160 GAFS 100 7,760 The company sold 95 Units Determine ending inventory using LIFO: 3.
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