# Accounting Chapter 6 Homework Correct Requirement Weighted Average Method Date Oct

Page Count
8 pages
Word Count
290 words
Book Title
Financial Accounting Connect Access Code 4th Edition
Authors
David Spiceland, Don Herrmann, Wayne Thomas
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:
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
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
Given Data P06-07:
Sales revenue
Interest income
Salaries expense
Inventory (July 1, 2018)

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