Assume a Waverly outlet store began August 2012 with 52 units of inventory that cost $13 each.
Question:
Requirements
1. Determine the stores cost of goods sold for August under the periodic inventory system. Assume the FIFO method.
2. Compute gross profit forAugust.
Transcribed Image Text:
Units Unit Cost $13 14 13 14 14 15 14 Unit Sale Price S67 69 Aug 3 14 Purchase. 78 19 Sale.. Sale... Purchase Sale 2 69 69 31 69
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Req 1 Inventory Begin Bal 52 units 13 676 Purchases Aug 8 7...View the full answer
Answered By
Biplob Ganguli
I have 23 years of teaching experience , for last eight years I am working as Principal of a CBSE school in India. Every moment our mind is affected by thoughts these thoughts should convert to some value in terms of money for livelihood this is the first step of learning, How to think the proper way without getting distracted & move ahead in small steps a teacher a mentor can do that help to the pupil. Students should be taught that there is no shortcuts to reach your goals, there could be some quick tricks in some steps in life & to reach to your goal you need to pass through all the steps.
Knowledge is dynamic what we know now was not known to our ancestors. After getting success in solving a problem we find the next problem is in line waiting to be solved, life is not only problems & solutions. Through out the life span we keep on solving the issues, is that all for which we are here, I induct this question to all my students along with achieving livelihood.
Firstly I begin with solutions to Math problems for my students..... .....
How to think? ? ?
Get online with me I shall share my experiences.
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Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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