CHECKLIST OF KEY FIGURES
Chapter 6 Inventory Costing
|
Page |
Assignment |
Check Figures |
| 307 | P6-1A | 3. Include $500 in inventory |
| 308 | P6-2A | (c) Total debits, $8,360(d) Gross profit, $690 |
| 308 | P6-3A | (a) Gross profit, $207,780; Net income, $1,980(b) Ending capital balance, $210,180 |
| 309 | P6-4A | (a) Cost of goods available for sale, $25,600(b) FIFO (1) ending inventory, $7,200; Weighted average (2) cost of goods sold, $19,200 |
| 309 | P6-5A | (a) Net income, FIFO, $147,500; Weighted average, $143,500 |
| 310 | P6-6A | (a) 2. Cost of goods sold, 2003, understated; 3. Net income, 2002, understated |
| 310 | P6-7A | (a) Incorrect net income, 2002, $32,000; Correct net income, 2002, $37,000 |
| 310 | P6-8A | (c) Weighted average ending inventory, $176.60 |
| 311 | *P6-9A | (a) FIFO perpetual ending inventory, $4,720(b) FIFO periodic ending inventory, $4,720 |
| 311 | *P6-10A | (a) (1) FIFO ending inventory, $720; (2) moving average ending inventory, $692 |
| 311 | *P6-11A | (a) Gross profit margin, 40.3%(b) Estimated cost of goods sold, $238,800 |
| 312 | *P6-12A | (a) Cost-to-retail ratio, 65.68% |
| 312 | P6-1B | (b) Revised February 28 inventory, $49,530 |
| 312 | P6-2B | (c) Total debits, $6,890(d) Gross profit, $1,050 |
| 313 | P6-3B | (a) Gross profit, $203,300; Net income, $27,100(c) Ending capital balance, $177,700 |
| 313 | P6-4B | (a) Cost of goods available for sale, $19,000(b) FIFO (1) cost of goods sold, $13,500; LIFO (2) ending inventory, $4,100 |
| 314 | P6-5B | (a) Net income, FIFO, $144,000; LIFO, $130,000 |
| 314 | P6-6B | (a) 3. Net income, 2002, overstated; 7. Assets, 2003, no effect |
| 314 | P6-7B | (a) Incorrect net income, 2002, $32,000; Correct net income, 2002, $35,000 |
| 314 | P6-8B | (c) FIFO, ending inventory, $190 |
| 315 | *P6-9B | (a) Moving average perpetual ending inventory, $9,204(b) Weighted average periodic ending inventory, $9,107.55 |
| 315 | *P6-10B | (a) FIFO cost of goods sold, $3,210(b) Gross profit, $5,330 |
| 316 | *P6-11B | Gross profit margin, 35%; Estimated total ending inventory, $50,700 |
| 316 | *P6-12B | (a) Cost-to-retail ratio, sporting goods, 58.11%; jewellery and cosmetics, 63.75% |
| 316 | BYP6-1 | (b) (1) Inventories as a percentage of current assets, 2000, 2.0%; (2) Inventories as a percentage of total revenues, 2000, 0.5% |
| 318 | BYP6-5 | (a) (1) Sales as of April 10, $220,000(b) Average gross profit margin, 32%(c) Estimated inventory at time of fire, $39,200 |
| 318 | BYP6-6 | Ending inventory, 2002, overstated $40 million; 2003, not affected |
| 319 | BYP6-8 | (a) 1. Maximize gross profit, $194,250(b) Gross profit, weighted average, $193,786 |