ACC 290 Week 5 Individual Assignment Week Five Exercises

Apr 28th, 2015
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ACC 290 Week 5 Individual Assignment Week Five Exercises

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Week Five ExercisesACC/290University of PhoenixBE5-1A.Sales: $181,500B.Cost of goods sold: $41,200C.Gross profit: $38,000D.Operating expenses: $17,900E.Operating expenses: $8,500F.Net income: $63,400BE5-2Pocras CompanyInventory 900 900Wedell CompanyAccounts Rec. 900 900Cost of Goods Sold590 590BE6-5LIFOFIFOPurchases:6 X 1006 X 1007 X 2007 X 2008 X 1408 X 140Cost of goods available for sale3,120 3,120Ending inventory 1,160 1,400COGS$ 1,960$1,720Using 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.BE6-7 Cost Market LCM Cameras12,50013,40012,500Camcorders9,0009,5009,000DVDs 13,000 12,200 12,200LCM value is $33,700$33,700BE7-4A.Physical controlsB.Human resource controlsC.Independent internal verificationD.Segreg

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