ACC201 Week 2 Assignment 2

May 5th, 2015
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Accounting:ACC201 Week 2 Assignment 2ACC201: Principles of Financial Accounting-Accounting 24-20 Effect of different inventory cost flow methods on financial statementsCash \$19,000Beginning inventory \$6,750 (75 Units@\$90)Common Stock \$ 7,500Retained Earnings \$18,2505 transactions1. First cash purchase 100 units @ \$92 = 92002. Second cash purchase 175 units @ \$100 = 175003. Sales (all cash) 300 units @ \$170 = 510004. Paid 15,000 cash for operating expenses5. Paid cash for income taxes at the rate of 30% of income before taxesCost of GoodsEnding InventoryFIFO: 75 units @ 90 = 6,750 50 left @ 100 unit = 5,000100 units @ 92 = 9,200125 units @ 100 = 12,500Cost of goods sold 28,450Cost of Goods

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