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ACCTG 331, Intermediate Accounting Simulations #3: Inventory Ch 8 and 9 25 points USE EXCEL SPREADSHEET FOR ALL OF YOUR WORK

#2-Conventional Retail Method-13 points Required: 1. 5 points: Prepare an Excel spreadsheet analysis using the data providedUnlucky Blue Jean Company Conventional Retail Method Inventory and COGS During 2019, Unlucky Blue Jean Company lost its marke

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Answer-1:

Debit 5,880 Credit 5,880 33,000 33,000 16,310 16,310 5,880 Date General Journal Inventory Jan.02, 2020 Account payable Accoun

Answer-1(a):

Total ending inventory quantity = 3,400

Inventory account balance = $20,042

Answer-1(b):

Net sales = $33,000 - $2,200 = $30,800

Cost of goods sold = $16,130 - $1,176 = $15,134

Gross profit = Net sales - Cost of goods sold - Freight-in

                    = $30,800 - $15,134 - $250 = $15,416

Date Purchase Rate Unit Dec.31, 2019 | L 700 Jan.02, 2020 1000 5.88 FIFO COST METHOD Sale Balance Total Unit Rate Total Unit

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