Chapter 6 Exercises Inventories and Cost of Sales.

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Presentation transcript:

Chapter 6 Exercises Inventories and Cost of Sales

Inventory Costing Methods In-Class Exercise: Exercise No. Page Inventory Costing – Periodic Omit Requirement (a) (Use the info from Exercise 6-3, as reflected on the next chart, to start your computations) In-Class Exercise: Exercise No. Page Inventory Costing – Periodic Omit Requirement (a) (Use the info from Exercise 6-3, as reflected on the next chart, to start your computations)

Inventory Costing Methods Illustration Data

Inventory Costing Methods Weighted Average Method

Inventory Costing Methods

FIFO Method

Inventory Costing Methods

LIFO Method

Inventory Costing Methods

End of Exercise Inventory Costing Methods

Retail Method In-Class Exercise): Exercise No. Page Retail Method In-Class Exercise): Exercise No. Page Retail Method

Retail Method

Alternate Format

End of Exercise Retail Method

Gross Profit Method In-Class Exercise): Exercise No. Page Gross Profit Method In-Class Exercise): Exercise No. Page Gross Profit Method

Gross Profit Method (*) Cost of goods purchased computation: $1,590,000 - $23,100 + $37,600 = $1,604,500

Gross Profit Method

End of Exercise Gross Profit Method