ACCTG311 Study Guide - Taylor Corporation, The Main Point, Net Income
8 Apr 2014
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**note: this suggested solution does not include all possible answers, nor does it include all the judgments that are involved in evaluating responses. Bell computers ltd. reports the following inventory transactions for the bell tablet for the month of october. The selling price for this item is . Required: (5 marks) determine the cost of goods sold for the month of october and ending a. inventory using fifo inventory costing. Available cost = 15,750 + 7,300 + 14,800 + 5,625 = 43, 475 (2) Cogs = 43,475 13,025 = 30,450 (1) Or instead of calculating available cost, could directly calculate. Question 1, continued: (8 marks) prepare the journal entries to record the transactions on october 8 and. Include dates, but not descriptions, with your entries. Assume for this part that bell uses the average cost formula. 1 mark for the correct accounts (must debit inventory and credit either cash or a/p); 1 mark for the correct amount.
