ACC 290 Week Five Exercises

May 1st, 2015
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Here is the solution file for your accounting problems. You may buy it as your study guide and get good grades through researching more on this subject.

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ACC 290 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: $63,400BE5-2Pocras CompanyInventory 900900Wedell CompanyAccounts Rec. 900900Cost of Goods Sold 590590BE6-5LIFOFIFOPurchases:6 X 1006 X 1007 X 2007 X 2008 X 1408 X 140Cost of goods available for sale3,120 3,120Ending inventory 1,160 1,400COGS$ 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.BE6-7CostMarket LCM Cameras

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