Acc 225 Week 6 Checkpoint

In: Business and Management

Submitted By vsherwood10
Words 816
Pages 4
QS 6-1

Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases:

December 7 10 units @ $6 cost
December 14 20 units @ $12 cost
December 21 15 units @ $14 cost

Trader sells 15 units for $25 each on December 15. 8 of the sold units are from the December 7 purchase and 7 are from the December 14 purchase. Trader uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.

a) FIFO
|Date |Goods Purchased |Cost of Goods Sold |Inventory Balance |
|12/7 |10 @ $6= $60 | |10 @ $6 = $60 |
|12/14 |20@ $12= $240 | |10@ $6 |
| | | |20@ $12 = $300 |
|12/15 | |10 @ $6 |15@ $12 = $180 |
| | |5 @ $12 =$120 | |
|12/21 |15@ $14= $210 | |15@ $12 |
| | | |15@ $14 = $390 |
| | |$120 |…...

Similar Documents

Acc 225 Week 6 Checkpoint

... | | | | |75@ $5.50 | | | | |500@ $5= $3212.50 | |Oct. 3 |375@ $4.40= $1,650 | |50@ $6 | | | | |75@ $5.50 | | | | |500@ $5 | | | | |375@ $4.40= 4862.50 | |Oct. 5 | |375@ $4.40 |50@ $6 | | | |225@ $5= $2,775 |75@ $5.50 | | | | |275@ $5= $2,087.50 | |Dec. 19 |100@ $4.10= $410 | |50@ $6...

Words: 816 - Pages: 4

Acc 225 Week 3 Checkpoint

... | |Revenues: $58,500 (cash) | |Revenues: $70,200 | | | | | |Expenses: $45,950 (42,200 + 3,750) | |Expenses: $48,600 | | | | | | | | | |Net Income: $ 12,550 | |Net Income: $21,600 | Week 3 Checkpoint – Part 3 (6 points) Determine the missing amounts in each of the six separate situations: | |a. |b. |c. |d. |e. |f. | |Supplies on |$800 |$ |$ 2,675 |$ 3,250 | |hand: May 1, | |1,950 | | | |2010...

Words: 335 - Pages: 2

Acc/230 Week 6 Checkpoint

...Week 6 Check point Locate the 2003 Consolidated Statements of Cash Flows for 1-800 Contacts, Inc. Net Income for this company is on a downward trend while cash provided by operating activities Is on an upward trend. Using any information you can obtain about this company and Industry, write a report explaining this abnormal trend between the net income and the Cash flow numbers and whether this should be a red flag to investors and creditors. During the first quarter of 2003 the company purchased assets and took over liabilities of Lens Express and Lens 1st. The total purchased consideration resulted in $6,904, with common stock value of $19,859 and operating liabilities of $4,099. Since this was purchased in 2003 the company will see a downward trend in net income while there is an increase in operating activities. This company just took over two other companies and now needs to pay back what was invested. Since the two companies was purchased in the first quarter of 2003 the interim period are not necessarily a result that could be expected for the full fiscal year of 2003. In 2003 the option to purchase 1,207,482 shared where not included in the computation of Diluted EPS because the effect would be anti-dilutive and decreasing the loss per common share. As of 2003 the company had 700,000 shares of restricted common stock that where held in escrow with no shares to be released for 12 months. Along with this the company also too out a loan for $10 million to......

Words: 331 - Pages: 2

Acc 225 Week 1 Checkpoint Financial Statements

...ACC 225 Week 1 Checkpoint Financial Statement. http://homeworkgallery.com/index.php/product/acc-225-week-1-checkpoint-financial-statements/ CheckPoint: Financial Statements • Resource: Fundamental Accounting Principles, Ch. 1 • Due Date: Day 5 [post to the Individual forum] • Consider that you have been asked to explain financial statements to someone who knows nothing about accounting. http://homeworkgallery.com/index.php/product/acc-225-week-1-checkpoint-financial-statements/ • Review the information on financial statements in Ch. 1 of Fundamental Accounting Principles. • Discuss, in 200300 words, each of the four financial statements. Explain the different components of the statements as well as what the statements tell about a business. http://homeworkgallery.com/index.php/product/acc-225-week-1-checkpoint-financial-statements/ ABS 415,ABS 417,ABS 497,ACC 201,ACC 202,ACC 205,ACC 205(NEW),ACC 206,ACC 206(NEW),ACC 210,ACC 220,ACC 225,ACC 226,ACC 227,ACC 230,ACC 250, ACC 260,ACC 281,ACC 290,ACC 290 (New),ACC 291,ACC 291(New),ACC 300,ACC 305,ACC 306,ACC 310,ACC 340,ABS 200,ANT 101,BCOM 230,BCOM 275,BIO 240,BIS 318,BIS 320,BHSH 311,BUS 210,BUS 226,BUS 230,BUS 235,BUS 270,BUS 272,BUS 275,BUSN 427,BUSN 278,CGD 318,CIS 319,BSA 400,BSHS 345,BSOP 326,BUS 330,BUS 402,BUSN 278,CJA 214,CJA 373,CJA 454,CMC 210,COMM 301,COMM 310,COMM 315,COMM 470 (New),COMP 122,COMP 220,COMP 328,CRJ 301 ,CRJ 301 (New),CRJ 303,CRJ 305,CRJ 306,CRJ 308,DBM 265,DBM 380,DBM 380(NEW),DBM381,DBM......

Words: 436 - Pages: 2

Acc 225 Week 1 Checkpoint Financial Statements

...ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS To purchase this visit here: http://www.activitymode.com/product/acc-225-week-1-checkpoint-financial-statements/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS Week 1: CheckPoint: Financial Statements Resource: Fundamental Accounting Principles, Ch. 1 Due Date: Day 5 [post to the Individual forum]• Consider that you have been asked to explain financial statements to someone whoknows nothing about accounting. Review the information on financial statements in Ch. 1 of Fundamental AccountingPrinciples. Discuss, in 200-300 words, each of the four financial statements. Explain the differentcomponents of the statements as well as what the statements tell about a business. Activity mode aims to provide quality study notes and tutorials to the students of ACC 225 Week 1 Checkpoint Financial Statements in order to ace their studies. ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS To purchase this visit here: http://www.activitymode.com/product/acc-225-week-1-checkpoint-financial-statements/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS Week 1: CheckPoint: Financial Statements Resource: Fundamental Accounting Principles, Ch. 1 Due Date: Day 5 [post to the Individual forum]• Consider that you have been asked to explain financial statements to someone whoknows nothing about accounting. Review the information on financial statements in Ch...

Words: 967 - Pages: 4

Acc 225 Week 7 Checkpoint Accounting Information

...ACC 225 WEEK 7 CHECKPOINT ACCOUNTING INFORMATION To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-7-checkpoint-accounting-information/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 7 CHECKPOINT ACCOUNTING INFORMATION CheckPoint: Accounting Information Systems and Special Journals • Resource: Fundamental Accounting Principles, pp. 289, 290, and 291 • Due Date: Day 5 [Individual] forum • Complete Quick Study questions QS 71 and QS 73 on p. 289, and Exercises 71, 74, 77, and 710 on pp. 290291. • Post your answers as an attachment. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 7 Checkpoint Accounting Information in order to ace their studies. ACC 225 WEEK 7 CHECKPOINT ACCOUNTING INFORMATION To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-7-checkpoint-accounting-information/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 7 CHECKPOINT ACCOUNTING INFORMATION CheckPoint: Accounting Information Systems and Special Journals • Resource: Fundamental Accounting Principles, pp. 289, 290, and 291 • Due Date: Day 5 [Individual] forum • Complete Quick Study questions QS 71 and QS 73 on p. 289, and Exercises 71, 74, 77, and 710 on pp. 290291. • Post your answers as an attachment. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 7 Checkpoint Accounting Information in order to ace their studies. ACC 225......

Words: 346 - Pages: 2

Acc 225 Week 6 Checkpoint Computing

...ACC 225 WEEK 6 CHECKPOINT COMPUTING To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-6-checkpoint-computing/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 6 CHECKPOINT COMPUTING CheckPoint: Computing Inventory Balances and Lower of Cost or Market • Resource: Fundamental Accounting Principles, pp. 247249 • Due Date: Day 4 [Individual] forum • Complete Quick Study question QS 61 on p. 247 and Exercises 61 and 65 on pp. 248 and 249. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 6 Checkpoint Computing in order to ace their studies. ACC 225 WEEK 6 CHECKPOINT COMPUTING To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-6-checkpoint-computing/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 6 CHECKPOINT COMPUTING CheckPoint: Computing Inventory Balances and Lower of Cost or Market • Resource: Fundamental Accounting Principles, pp. 247249 • Due Date: Day 4 [Individual] forum • Complete Quick Study question QS 61 on p. 247 and Exercises 61 and 65 on pp. 248 and 249. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 6 Checkpoint Computing in order to ace their studies. ACC 225 WEEK 6 CHECKPOINT COMPUTING To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-6-checkpoint-computing/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 6 CHECKPOINT COMPUTING CheckPoint...

Words: 409 - Pages: 2

Acc 225 Week 6 Assignment Estimating Inventory

...ACC 225 WEEK 6 ASSIGNMENT ESTIMATING INVENTORY To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-6-assignment-estimating-inventory/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 6 ASSIGNMENT ESTIMATING INVENTORY Assignment: Estimating Inventory and Preparing MultipleStep and SingleStep Income Statements • Resource: Fundamental Accounting Principles, pp. 251 and 256 • Due Date: Day 7 [Individual] forum • Complete Problems 54A on p. 212, 61A on p. 251, and 66B and 67B on p. 256. • Post your answers as an attachment. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 6 Assignment Estimating Inventory in order to ace their studies. ACC 225 WEEK 6 ASSIGNMENT ESTIMATING INVENTORY To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-6-assignment-estimating-inventory/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 6 ASSIGNMENT ESTIMATING INVENTORY Assignment: Estimating Inventory and Preparing MultipleStep and SingleStep Income Statements • Resource: Fundamental Accounting Principles, pp. 251 and 256 • Due Date: Day 7 [Individual] forum • Complete Problems 54A on p. 212, 61A on p. 251, and 66B and 67B on p. 256. • Post your answers as an attachment. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 6 Assignment Estimating Inventory in order to ace their studies. ACC 225 WEEK 6 ASSIGNMENT ESTIMATING...

Words: 449 - Pages: 2

Acc 225 Week 5 Checkpoint Inventory Systems

...ACC 225 WEEK 5 CHECKPOINT INVENTORY SYSTEMS To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-5-checkpoint-inventory-systems/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 5 CHECKPOINT INVENTORY SYSTEMS CheckPoint: Inventory Systems and Calculating Revenues, Expenses, and Income • Resource: Fundamental Accounting Principles, pp. 206, 208, and 209. • Due Date: Day 5 [Individual] forum • Complete Quick Study question QS 58 on p. 206 and Exercises 59 and 513 on pp. 208209. • Post your answers as an attachment. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 5 Checkpoint Inventory Systems in order to ace their studies. ACC 225 WEEK 5 CHECKPOINT INVENTORY SYSTEMS To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-5-checkpoint-inventory-systems/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 5 CHECKPOINT INVENTORY SYSTEMS CheckPoint: Inventory Systems and Calculating Revenues, Expenses, and Income • Resource: Fundamental Accounting Principles, pp. 206, 208, and 209. • Due Date: Day 5 [Individual] forum • Complete Quick Study question QS 58 on p. 206 and Exercises 59 and 513 on pp. 208209. • Post your answers as an attachment. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 5 Checkpoint Inventory Systems in order to ace their studies. ACC 225 WEEK 5 CHECKPOINT INVENTORY SYSTEMS To purchase this...

Words: 449 - Pages: 2

Acc 225 Week 1 Checkpoint Financial Statements

...ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-1-checkpoint-financial-statements-2/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS CheckPoint: Financial Statements • Resource: Fundamental Accounting Principles, Ch. 1 • Due Date: Day 5 [post to the Individual forum] • Consider that you have been asked to explain financial statements to someone who knows nothing about accounting. • Review the information on financial statements in Ch. 1 of Fundamental Accounting Principles. • Discuss, in 200300 words, each of the four financial statements. Explain the different components of the statements as well as what the statements tell about a business. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 1 Checkpoint Financial Statements in order to ace their studies. ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-1-checkpoint-financial-statements-2/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS CheckPoint: Financial Statements • Resource: Fundamental Accounting Principles, Ch. 1 • Due Date: Day 5 [post to the Individual forum] • Consider that you have been asked to explain financial statements to someone who knows nothing about accounting. • Review the information on financial statements...

Words: 424 - Pages: 2

Acc 225 Week 6 Complete Work

...ACC 225 WEEK 6 COMPLETE WORK To purchase this visit here: http://www.activitymode.com/product/acc-225-week-6-complete-work/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 225 WEEK 6 COMPLETE WORK Week 6: CheckPoint: Computing Inventory Balances and Lower of Cost or Market Resource: Fundamental Accounting Principles, pp. 247-249• Due Date: Day 4 [Individual] forum• Complete Quick Study question QS 6-1 on p. 247 and Exercises 6-1 and 6-5 on pp. 248and 249. Assignment: Estimating Inventory and Preparing Multiple-Step and Single-Step IncomeStatements Resource: Fundamental Accounting Principles, pp. 251 and 256• Due Date: Day 7 [Individual] forum• Complete Problems 5-4A on p. 212, 6-1A on p. 251, and 6-6B and 6-7B on p. 256.• Post your answers as an attachment. Activity mode aims to provide quality study notes and tutorials to the students of ACC 225 WEEK 6 COMPLETE WORK in order to ace their studies. ACC 225 WEEK 6 COMPLETE WORK To purchase this visit here: http://www.activitymode.com/product/acc-225-week-6-complete-work/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 225 WEEK 6 COMPLETE WORK Week 6: CheckPoint: Computing Inventory Balances and Lower of Cost or Market Resource: Fundamental Accounting Principles, pp. 247-249• Due Date: Day 4 [Individual] forum• Complete Quick Study question QS 6-1 on p. 247 and Exercises 6-1 and 6-5 on pp. 248and 249. Assignment: Estimating Inventory and Preparing Multiple-Step and Single-Step IncomeStatements...

Words: 791 - Pages: 4

Acc 220 Week 6 Checkpoint

...ACC 220 WEEK 6 CHECKPOINT To purchase this visit here: http://www.nerdypupil.com/product/acc-220-week-6-checkpoint/ Contact us at: nerdypupil@gmail.com ACC 220 WEEK 6 CHECKPOINT CheckPoint: Cost, Volume, and Profit Questions Writea 200- to 300-word response that addresses questions 7, 9, & 14 in the Questions section on p. 284–285 of the text. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 220 Week 6 Checkpoint in order to ace their studies. ACC 220 WEEK 6 CHECKPOINT To purchase this visit here: http://www.nerdypupil.com/product/acc-220-week-6-checkpoint/ Contact us at: nerdypupil@gmail.com ACC 220 WEEK 6 CHECKPOINT CheckPoint: Cost, Volume, and Profit Questions Writea 200- to 300-word response that addresses questions 7, 9, & 14 in the Questions section on p. 284–285 of the text. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 220 Week 6 Checkpoint in order to ace their studies. ACC 220 WEEK 6 CHECKPOINT To purchase this visit here: http://www.nerdypupil.com/product/acc-220-week-6-checkpoint/ Contact us at: nerdypupil@gmail.com ACC 220 WEEK 6 CHECKPOINT CheckPoint: Cost, Volume, and Profit Questions Writea 200- to 300-word response that addresses questions 7, 9, & 14 in the Questions section on p. 284–285 of the text. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 220 Week 6 Checkpoint in order to ace their......

Words: 345 - Pages: 2

Acc 225 Week 6 Complete Work

...ACC 225 WEEK 6 COMPLETE WORK To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC225WEEK6COMPLETEWORK/110 contact us at: help@mindblows.us ACC 225 WEEK 6 COMPLETE WORK Week 6: CheckPoint: Computing Inventory Balances and Lower of Cost or Market Resource: Fundamental Accounting Principles, pp. 247-249• Due Date: Day 4 [Individual] forum• Complete Quick Study question QS 6-1 on p. 247 and Exercises 6-1 and 6-5 on pp. 248and 249. Assignment: Estimating Inventory and Preparing Multiple-Step and Single-Step IncomeStatements Resource: Fundamental Accounting Principles, pp. 251 and 256• Due Date: Day 7 [Individual] forum• Complete Problems 5-4A on p. 212, 6-1A on p. 251, and 6-6B and 6-7B on p. 256.• Post your answers as an attachment. ACC 225 WEEK 6 COMPLETE WORK To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC225WEEK6COMPLETEWORK/110 contact us at: help@mindblows.us ACC 225 WEEK 6 COMPLETE WORK Week 6: CheckPoint: Computing Inventory Balances and Lower of Cost or Market Resource: Fundamental Accounting Principles, pp. 247-249• Due Date: Day 4 [Individual] forum• Complete Quick Study question QS 6-1 on p. 247 and Exercises 6-1 and 6-5 on pp. 248and 249. Assignment: Estimating Inventory and Preparing Multiple-Step and Single-Step IncomeStatements Resource: Fundamental Accounting Principles, pp. 251 and 256• Due Date: Day 7 [Individual] forum• Complete Problems 5-4A on p. 212, 6-1A on p. 251, and 6-6B and...

Words: 1906 - Pages: 8

Acc 225 Week 1 Checkpoint Financial Statements

...ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC225WEEK1CHECKPOINTFINANCIALSTATEMENTS/99 contact us at: help@mindblows.us ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS Week 1: CheckPoint: Financial Statements Resource: Fundamental Accounting Principles, Ch. 1 Due Date: Day 5 [post to the Individual forum]• Consider that you have been asked to explain financial statements to someone whoknows nothing about accounting. Review the information on financial statements in Ch. 1 of Fundamental AccountingPrinciples. Discuss, in 200-300 words, each of the four financial statements. Explain the differentcomponents of the statements as well as what the statements tell about a business. ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC225WEEK1CHECKPOINTFINANCIALSTATEMENTS/99 contact us at: help@mindblows.us ACC 225 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS Week 1: CheckPoint: Financial Statements Resource: Fundamental Accounting Principles, Ch. 1 Due Date: Day 5 [post to the Individual forum]• Consider that you have been asked to explain financial statements to someone whoknows nothing about accounting. Review the information on financial statements in Ch. 1 of Fundamental AccountingPrinciples. Discuss, in 200-300 words, each of the four financial statements. Explain the differentcomponents of the statements as well as...

Words: 1366 - Pages: 6

Acc 225 Week 7 Checkpoint

...CheckPoint: Accounting Information Systems and Special Journals QS 7-1 and 7-3 and Exercises 7-1, 7-4, 7-7, and 7-10 QS 7-1 Place the letter of each system principle in the blank next to its best description. A. Control principle D. Flexibility principle B. Relevance principle E. Cost-benefit principle C. Compatibility principle 1. The principle prescribes the accounting information system to change in response to technological advances and competitive pressures. D. Flexibility principle 2. The principle prescribes the accounting information system to help monitor activities. A. Control principle 3. The principle prescribes the accounting information system to provide timely information for effective decision making. B. Relevance principle 4. The principle prescribes the accounting information system to adapt to the unique characteristics of the company. C. Compatibility principle 5. The principle that affects all other accounting information system principles. E. Cost-benefit principle QS 7-3 Identify the most likely role in an accounting system played by each of the numbered items 1 through 12 by assigning a letter from the list A through E on the left: A. Source documents B. Input devices C. Information processors D. Information storage E. Output devices 1. Bar code reader –B. Input devices 2. Filing cabinet –D. Information storage 3. Bank statement –A. Source documents 4. Computer scanner –B. Input devices 5. Computer keyboard –B...

Words: 1228 - Pages: 5