Assignment 4

Abraam Fahmy & Amany Fayek

 E6-24
1-

Debit Credit
COGS 200
Inventory 200

2- 12,800 $

E6-25
1-

Debit Credit
COGS 1000
Inventory 1000

2-

NATURALLY GOOD FOODS

Income Statement (partial)
For the year ended March 31, 2012
Sales revenue $ 117,000
Cost of goods sold 46,000
Gross profit $ 71,000

E6-28

Loss = Ending Inventory = 415000

P6-45
1-
Purchase COGS Inventory on Hand
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
7 80 22 1760 80 22 1760

18 40 22 880 40 22 880

22 240 26 6240 40 22 880

240 26 6240

28 120 26 3120 40 22 880

120 26 3120

31 15 26 390 40 22 880
105 26 2730

320 8000 175 4390 3610

2-

Date Debit Credit

7 Inventory (1680+80= 1760) 1760
Account Payable 1760

18 Account Receivable 3500

Revenue 3500

COGS (1680+80/80=22*40) 880

Inventory 880

21 Account Payable 1760

Cash 1760

22 Inventory 6240
Account Payable 6240

28 Cash 4680
Revenue 4680

COGS 3120
Inventory 3120

31 COGC 390
Inventory 390
 Inventory

1760 880

6240 3120

390

Bal: 3610

Account Payable

1760

1760 6240

Bal: 6240

Account Receivable

3500

Bal: 3500

Cash

4680 1760

Bal: 2920

COGS

880

3120

390

Bal: 4390

Revenue

3500

4680

Bal: 8180

3-

31 COGS 390
Inventory 390
 Balance

3610 6240

3500

2920

4390 8180

Bal: 14420 Bal: 14420

P6-46
1-
Purchase COGS Inventory on Hand
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
2 600 6 3600 600 6 3600

5 400 8 3200 600 6 3600

400 8 3200

7 -100 6 -600 500 6 3000

400 8 3200

9 -120

11 350 6 2100 150 6 900

400 8 3200

12 -90

15 -30 6 -180 180 6 1080

400 8 3200

28 180 6 1080 380 8 3040

20 8 160

31 50 8 400 330 8 2640

900 6200 570 3560 330 2430

2-

Date Debit Credit

2 Inventory 3600
Account Payable 3600

5 Inventory 3200
Account Payable 3200

7 Account Payable (100*6) 600

Inventory 600
9 Account Payable 3200
Cash 3080
Inventory (3000*.04) 120
11 Account Receivable 4900
Revenue 4900

COGS (350*6) 2100

Inventory 2100

12 Account Payable 3000

Cash 2910
Inventory (3000*.03) 90

15 Sales Return & Allowance 420

Account Receivable 420

Inventory (30*6) 180

COGS 180

21 Cash (4900-420=4480*.95) 4256

Sales Discount 224
Account Receivable 4480

28 Cash 3000
Revenue 3000

COGS 1240
Inventory 1240

31 COGS 400
Inventory 400

Inventory

3600 600

3200 120

180 2100

90

1240

400

Bal: 2430

Account Payable

600 3600

3200 3200

3000
Bal: 0

Account Receivable

4900 420

4480

Bal: 0

Cash

4256 3080

3000 2910

Bal: 1266

COGS

2100 180

1240

400

Bal: 3560

Revenue

4900

3000

Bal: 7900

Sales Return & Allowance

420

Bal: 420

Sales Discount

224

Bal: 224

3-

31 COGS 400
Inventory 400
 Balance

2430 7900

1266

3560

420

224

Bal: 7900 Bal: 7900

P5-29A
Date Debit Credit
1 Supplies 700
Cash 700

4 Inventory 9600
Account Payable 9600

8 Account Payable 4800

Inventory 4800

10 Cash 1200
Revenue 1200

COGS 700
Inventory 700

13 Account Receivable 9900

Revenue 9900

COGS 5500
Inventory 5500

14 Account Payable 4800

Cash 144
Inventory 4656

17 Sales Return & Allowance 600

Account Receivable 600

Inventory 450
COGS 450

18 Inventory 4100
Account Payable 4100
26 Account Payable 4100
Cash 4100

28 Cash 9114
Sales Discount 186
Account Receivable 9300

29 Inventory 12200
Cash 12200