ACC 290 Week 5 Individual Assignment Week Five Exercises
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Week Five Exercises
ACC/290
University of Phoenix
BE5-1
A.Sales: 181,500
B.Cost of goods sold: 41,200
C.Gross profit: 38,000
D.Operating expenses: 17,900
E.Operating expenses: 8,500
F.Net income: 63,400
BE5-2
Pocras Company
Inventory 900
900Wedell Company
Accounts Rec. 900
900Cost of Goods Sold590
590BE6-5
LIFO
FIFO
Purchases:
6 X 100
6 X 100
7 X 200
7 X 200
8 X 140
8 X 140
Cost of goods available for sale
3,120
3,120Ending inventory
1,1601,400
COGS
1,9601,720
Using FIFO, COGS would be 240 less under this method. The COGS being 240 less under the FIFO method would be...
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