Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i cant figure out entries for 8th or 20th, please explain how to get correct dr and cr for COGS Assignment #4 - Chapter 6

i cant figure out entries for 8th or 20th, please explain how to get correct dr and cr for COGS image text in transcribed
image text in transcribed
image text in transcribed
Assignment #4 - Chapter 6 Question 10 of 10 2.29/10 E View Policies Show Attempt History Current Attempt in Progress Indigo Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Indigo uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Price Units Unit Cost $83 Date Apr. 1 Explanation Beginning inventory Purchases Sales 50 110 6 90 8 $116 (130) 120 15 73 Purchases Sales 20 98 (120) 20 27 Purchases 58 (a) Your answer is partially correct. Question IUBITU 2.2 TU Cash yyoo 8 Cash 15080 Sales 15080 (To record sales) 8 Cost of Goods Sold - 11245.50 Inventory (To record cost of goods sold) 15 Inventory 8760 8760 Cash 20 Cash 11760 11760 Sales (To record sales) -9570.75 20 Cost of Goods Sold Inventory (To record the inventory sold) 1160 27 Inventory 1160 Cash e Textbook and Media HU Paste lili 3 33 Merge & Center Conditio Format E6 =C6*D6 A D E F G . Cosi Legend Purchases Starting Inv. Inv. Balance Sales 1 2 Apr. 1 3 Apr. 6 4 5 Apr. 8 6 7 Apr. 15 8 9 Apr. 20 10 11 Apr.27 12 B C Description Units Start 50.00 Purchase 110.00 Inv. Bal 160.00 Sale (120.00) Inv. Bal 30.00 Purchase 120.00 inv. Bal 150.00 Sale (120.00) Inv. Bal 30.00 Purchase 20.00 Inv. Bal 50.00 Total COGS 83.00 4150.00 90.00 9900.00 86.50 13840.00 86.50 (11245.00% (11245.00) 86.50 2595.00 73.00 8760.00 79.75 11962.50 79.75 (9570.00) (9570.00) 79.75 2392.50 58.00 1160.00 68.88 3443.75 (20815.00) Units Cost Total (130.00) 116.00 (15080.00) (120.00) 98.00 (11760.00) 13 14 15 Sales 16 Apr. 8 17 Apr. 20 18 19 20 21 22 23 24 25 26 27 28

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information For Decisions

Authors: Robert W. Ingram, Bruce Baldwin

4th Edition

0324069545, 978-0324069549

More Books

Students also viewed these Accounting questions

Question

Do I own something similar already?

Answered: 1 week ago