[go: up one dir, main page]
Scribd
Upload
61 views2 pages

Chapter 6 Homework

This document summarizes key concepts related to inventory accounting including determining inventory costing methods, preparing perpetual inventory records, and journal entries using LIFO and weighted-average costing. It also compares cost of goods sold under different inventory methods and tests accounting vocabulary knowledge.

Uploaded by

Jacob Sheridan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
61 views2 pages

Chapter 6 Homework

This document summarizes key concepts related to inventory accounting including determining inventory costing methods, preparing perpetual inventory records, and journal entries using LIFO and weighted-average costing. It also compares cost of goods sold under different inventory methods and tests accounting vocabulary knowledge.

Uploaded by

Jacob Sheridan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Chapter 6 Homework

1. Determining Inventory Accounting Principles

Consistency

2. Determining Inventory Costing Methods

1) Weighted-Average Method
2) LIFO

5. Preparing a Perpetual Inventory Record and Journal Entries – LIFO

Purchases Cost of Goods Sold Inventory on Hand


Quantit Unit Total Quantit Unit Total Quantit Unit
Date y Cost Cost y Cost Cost y Cost Total Cost
Oct. 12 12 units x $42 =$504       12 x $42 =$504
12 units x $42
16 40 units x $68 =$2720       40 units x $68 =$3224
12 units x $42
31       34 units x $68 =$2312 6 units x $68 =$912
Total 52 units   $3,224 34 units   $2,312 18 units   $912

Date Accounts Debit Credit


Oct. 16 Inventory 2720
Accounts Payable 2720
31 Accounts Receivable 3400
Sales Revenue 3400
Cost of Goods Sold 2312
Merchandise Inventory 2312

6. Preparing a Perpetual Inventory Record and Journal Entries – Weighted-Average

Purchases Cost of Goods Sold Inventory on Hand


Quantit Unit Total Quantit Unit Total Quantit Unit
Date y Cost Cost y Cost Cost y Cost Total Cost
Oct. 12 12 units x $42 =$504       12 x $42 =$504
16 40 units x $68 =$2720       52 units x $62 =$3224
31       34 units x $62 =$2108 18 units x $62 =$1116
Total 52 units   $3,224 34 units   $2,108 18 units   $1,116

Date Accounts Debit Credit


Oct. 16 Inventory 2720
Accounts Payable 2720
31 Accounts Receivable 3400
Sales Revenue 3400
Cost of Goods Sold 2108
Merchandise Inventory 2108

7. Comparing Cost of Goods Sold Under FIFO, LIFO, and Weighted-Average

1) Weighted-Average
2) LIFO
3) Weighted-Average

14. Using Accounting Vocabulary

1) c
2) h
3) f
4) e
5) g
6) d
7) b
8) a

You might also like