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ACC 290 Week 5 Individual Assignment Week Five Exercises .doc

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ACC/290 Week 5
Week Five Exercises
ACC/290
University of Phoenix

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ACC/290 Week 5
BE5-1
A. Sales: $181,500
B. Cost of goods sold: $41,200
C. Gross profit: $38,000
D. Operating expenses: $17,900
E. Operating expenses: $8,500
F. Net income: $63,400
BE5-2
Pocras Company
Inventory 900
900
Wedell Company
Accounts Rec. 900
900
Cost of Goods Sold 590
590
BE6-5
LIFO FIFO
Purchases: 6 X 100 6 X 100
7 X 200 7 X 200
8 X 140 8 X 140
Cost of goods available for sale 3,120 3,120
Ending inventory 1,160 1,400
COGS $ 1,960 $ 1,720
Using FIFO, COGS would be $240 less under this method. The COGS being $240 less
under the FIFO method would be the phantom profit as well.

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ACC/290 Week 5
BE6-7
Cost Market
LCM
Cameras 12,500 13,400
12,500
Camcorders 9,000 9,500
9,000
DVDs 13,000 12,200
12,200
LCM value is $33,700
$33,700
BE7-4
A. Physical controls
B. Human resource controls
C. Independent internal verification
D. Segregation of duties
E. Establishment of responsibility
BE7-5
Cash: 975.74
Cash (short/over): 12.88
Sales Revenue: 988.62
BE7-6
A. Documentation procedures
B. Independent internal verification
C. Physical controls
D. Establishment of responsibility
E. Segregation of duties

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