英财 2013第八章答案.docVIP

SOLUTIONS TO PROBLEM SET A 35 Minutes, Medium 　 PROBLEM 8.1A BASSTRACK 　 　 　 　 　 　 a. General Journal 2007 　 　 　 　 (1) Specific identification method: 　 　 　 　 　 　 　 　 　 Jan 15 Cost of Goods Sold 　 30,500 　 　 Inventory 　 　 30,500 　 To record cost of 1,000 Ace-5 reels sold to Anglers 　 　 Warehouse: 500 units @ $29; 500 units @$32. 　 　 　 　 　 　 　 　 　 　 　 　 　 　 (2) Average-cost method: 　 　 　 　 　 　 　 　 　 Jan 15 Cost of Goods Sold 　 30,800 　 　 Inventory 　 　 30,800 　 　 To record cost of 1,000 Ace-5 reels sold to Anglers Exercises Warehouse by the average-cost method: 1,000 　 　 　 units @$30.80 ($46,200 total cost, divided by 1,500 　 　 　 units). 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 (3) First-in, First-out (FIFO) method: 　 　 　 　 　 　 　 　 　 Jan 15 Cost of Goods Sold 　 30,200 　 　 Inventory 　 　 30,200 　 　 To record cost of 1,000 Ace-5 reels sold to Anglers 　 Warehouse. Cost determined by the FIFO flow 　 　 　 assumption: 600 units @$29, plus 400 units 　 　 　 @ $32 = $30,200. 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 (4) Last-in, First-out (LIFO) method: 　 　 　 　 　 　 　 　 　 Jan 15 Cost of Goods Sold 　 31,700 　 　 Inventory 　 　 31,700 　 　 To record cost of 1,000 Ace-5 reels sold to Anglers 　 Warehouse. Cost determined by the LIFO flow 　 　 　 assumption: 900 units @$32, plus 100 units 　 　 　 @ $29 = $31,700. 　 　 b. Inventory subsidiary ledger records: 　 　 　 　 PROBLEM 8.1A (1) Specific identification method: 　 　 　 BASSTRACK (continued) 　 　 　 　 　 　 　 　 　 PURCHASED SOLD BALANCE 　 　 Unit 　 Unit Cost of 　 Unit Date Units Cost Total Units Cost Goods Sold Units Cost Balance Dec 12 600 $ 29 $ 17,400 600 $ 29 $ 17,400 Jan 09 900 32