Homework Answers
40,
The cost of goods sold is = Opening stock + cost of goods manufactured - closing stock =
80,000 = 1,14,000.00 + X - 2,00,000.00
i.e. X = 80,000.00 + 2,00,000.00 - 1,14,000.00 = $ 1,66,000.00
Answer B
41,
| Security | Cost | Fair value | Gain or Loss |
| Moon | 364000 | 299000 | -65000 |
| Sun | 64500 | 72000 | 7500 |
| Account title | Debit $ | Credit $ |
| Unrealized Loss on short term Investment | 65000.00 | |
| Available for sale securities portfolio - Moon | 65000.00 | |
| To record unrealized loss on investment | ||
| Available for sale securities portfolio - Sun | 7500.00 | |
| Unrealized gain on short term investment | 7500.00 | |
| To record unrealized gain on investment |
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