Student Name:
Class:
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 1 1 900$ 900$
Number of Unit Cost of
Date Transaction Units Cost Goods Sold
Oct. 1 4 900$ 3,600$
Oct. 1 1 900 900
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 20 1 920$ 920$
Number of Unit Cost of
Date Transaction Units Cost Goods Sold
Oct. 1 6 900$ 5,400$
Problem 06-01
McGraw-Hill/Irwin
Instructor
Specific Identification Method
SANDRA'S PURSE BOUTIQUE
FIFO Method
Requirement 2:
Requirement 1:
Beginning Inventory
Beginning Inventory
Beginning Inventory
Purchase
Beginning Inventory
Student Name:
Class:
Problem 06-01
McGraw-Hill/Irwin
Instructor
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 1 6 900$ 5,400$
Number of Unit Cost of
Date Transaction Units Cost Goods Sold
Oct. 10 3 910$ 2,730$
Oct. 20 4 920 3,680
Number of Unit Ending
Date Transaction Units Cost Inventory
Oct. 1 6 900$ 5,400$
Oct. 10 5 910$ 4,550
915.45$ Correct!
Weighted Average Method
LIFO Method
Requirement 4:
Requirement 3:
Beginning Inventory
Purchase
Purchase
Average Cost
Beginning Inventory
Purchase
Cost per Total
Date Transactions Units Unit Cost
October 1 6 900$ 5,400$
October 4 4
October, 2015 Transactions
SANDRA'S PURSE BOUTIQUE
Given Data P06-01:
Beginning inventory
Sale
Student Name:
Class:
Date Account Debit Credit
July 3 2,300
2,300 <--Correct!
July 12 5,800
5,800 <--Correct!
3,000
Instructor
Inventory
CD CITY
Transaction Entries
McGraw-Hill/Irwin
Accounts Payable
(Purchase inventory on account)
Problem 06-03
Requirement 1:
Sales Revenue
Cost of Goods Sold
(Pay on account less 1% discount)
(Sell inventory on account)
Accounts Receivable
July 22 4,200
4,200 <--Correct!
For the month of July
Multiple-step Income Statement (partial)
CD CITY
Sales Revenue
Cash
(Sell inventory for cash)
Requirement 2:
July 3 2,300$
July 4 110$
July 15
?
July 18 3,100$
CD CITY
July Transactions
Given Data P06-03:
Pay freight charges on July 3 purchase
Purchased CDs on account, terms 1/10,n/30
Purchased CDs on account, terms 1/10,n/30
Receive payment on CDs sold July 12
Student Name:
Class:
69,800$
(1,100)
24,000
16,000
3,300
(400)
28,700$
Problem 06-07
McGraw-Hill/Irwin
Instructor
Cost of goods sold
Interest income
Interest expense
Requirement 1:
Net sales:
Total sales revenue
Less: Sales returns
BASKIN-ROBBINS
Multiple-step Income Statement
For the month of July, 2018
Operating Income
Total
Requirement 2:
Non-operating items:
13,700$ 69,800$
2,300 3,300
July, 2018
Account Balances
BASKIN-ROBBINS
Given Data P06-07:
Sales revenue
Interest income
Salaries expense
Inventory (July 1, 2018)
