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mariomintchev Group Title

ACCOUNTING QUESTION

  • 2 years ago
  • 2 years ago

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  1. LessOffensivename Group Title
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    Are you A counting the question HARHARHAR.

    • 2 years ago
  2. mariomintchev Group Title
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    The calculations in the attachment are correct but I don't understand how my teacher got them. Someone explain please?

    • 2 years ago
  3. mariomintchev Group Title
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    • 2 years ago
  4. mariomintchev Group Title
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    • 2 years ago
  5. mariomintchev Group Title
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    The numbers from the 2nd attachment are from the 1st

    • 2 years ago
  6. mariomintchev Group Title
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    @juanitam

    • 2 years ago
  7. JuanitaM Group Title
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    hi

    • 2 years ago
  8. mariomintchev Group Title
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    HI!!!

    • 2 years ago
  9. mariomintchev Group Title
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    Am I clear enough with what I'm asking?

    • 2 years ago
  10. JuanitaM Group Title
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    ok where do you want to start. I see lifo /ending inventory

    • 2 years ago
  11. mariomintchev Group Title
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    I have a worksheet that begins with the info given to me in the first attachment. I understood how my teacher got all of the other calculations (average, periodic fifo & lifo, and perpetual fifo) but I do not understand how she got the calculations she got in my second attachment for perpetual lifo.

    • 2 years ago
  12. mariomintchev Group Title
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    and by periodic and perpetual, i mean inventory systems used by the company.

    • 2 years ago
  13. JuanitaM Group Title
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    kk - working out now

    • 2 years ago
  14. mariomintchev Group Title
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    ok. let me know if you need anything else clarified.

    • 2 years ago
  15. JuanitaM Group Title
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    sso you just need to know how she did the 2nd attachment?

    • 2 years ago
  16. JuanitaM Group Title
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    1. cgs at LIFO 3/5 sold 5 - so that means used all of the 4 on 3/4 purchase and 1 of the beg inventory =4*14 + 1 * 12 = 68 3/24 sold 2 - so that means last in was 2 * 15 = 30 total cgs = 98 in order to do this you must look at each sold date based on the inventory that you have on hand

    • 2 years ago
  17. JuanitaM Group Title
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    2. value of inventory Beg +8 * 12 sold 1 on 3/5 purchase 3/4 +4* 14 sold on 3/5 purchase 3/18 +11 * 15 sold 2 on 3/24 purchase left with 7 * 12 = 84 9 * 15 = 135 total of 219

    • 2 years ago
  18. JuanitaM Group Title
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    3. gross profit based on sells less cgs (calculated 1 above) sells 5 *25 = 125 2 * 30 = 60 total sales 185 less cgs - 98 GP is 87

    • 2 years ago
  19. mariomintchev Group Title
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    yeah. i have all the numbers but i want to know why those numbers were used.

    • 2 years ago
  20. JuanitaM Group Title
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    read what i wrote and see if you still have questions

    • 2 years ago
  21. mariomintchev Group Title
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    i think you have some of the dates wrong above

    • 2 years ago
  22. JuanitaM Group Title
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    cgs is based on using the last inventory in for the current sale so on 3/10 they sold 5 well she had 8 from beg and 4 from purchase on 3/4 so you use 4 on last sale and 1 from beginning

    • 2 years ago
  23. JuanitaM Group Title
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    agreed on dates - but you still should be able to follow what i did - let m know if you need to me re-explain it

    • 2 years ago
  24. mariomintchev Group Title
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    ok you can move on to someone else that needs assistance. ill let you know if i need more help.

    • 2 years ago
  25. mariomintchev Group Title
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    I think I need the first part explained with words. Everything else makes sense based on the numbers from cost of goods sold. I mainly don't understand why we use a 2 to multiply 15.

    • 2 years ago
  26. JuanitaM Group Title
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    easy - she sold on 3/24 2 right? well using LIFO premises what was the latest inventory that came in?

    • 2 years ago
  27. mariomintchev Group Title
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    11?

    • 2 years ago
  28. mariomintchev Group Title
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    Idk Im not too keen on this stuff yet although its not too complicated.

    • 2 years ago
  29. JuanitaM Group Title
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    right and you only need 2 of those so 2 * 15 (cost of those items) you are doing good - trust me deeper you go into accounting harder it gets. Not all about math :)

    • 2 years ago
  30. mariomintchev Group Title
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    then why isnt the other one 5 times 12

    • 2 years ago
  31. mariomintchev Group Title
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    5 were sold

    • 2 years ago
  32. JuanitaM Group Title
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    because you have to look at the LAST IN - FIRST OUT

    • 2 years ago
  33. JuanitaM Group Title
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    the last in on the first sell was 4 @ 14 but you sold 5 so you had to use all 4 @ 14 PLUS 1 from beginning @ 12

    • 2 years ago
  34. mariomintchev Group Title
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    oh it kinda makes sense now lol

    • 2 years ago
  35. mariomintchev Group Title
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    thanks. :) gave you some more medals for the help.

    • 2 years ago
  36. JuanitaM Group Title
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    let me know if you have other questions.

    • 2 years ago
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