UT Knoxville ACCT 200 - Chapter 6 homework
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ACCT 200 Outline of Last Lecture I. What companies can do involving inventoryII. Methods III. Accounts receivable turnoverIV. TurnoverV. Inventory TurnoverVI. Homework EP-1Outline of Current Lecture I. Homework 6-14II. Homework 6-15III. Homework 6-16IV. Homework 9-10V. Homework 9-11Current LectureI. Homework 6-14200 units for sale total cost 148,800units available for sale 48152 units solda. 48 unsold units at $825= $39,600b. 27 unsold units at $600= $16,20021 unsold units at $690= $14,490TOTAL= $30,690c. 48 unsold units at $744 = $35,712II. Homework 6-15150 unitstotal cost $29,25037 ending inventory (113 sold)a. FIFO ending inventory= 29250-21522= $7,728These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.b. Cost of goods sold $2259029250-22590 = $6,660c. 29250/150 = $195113 x $195 = $22,03529250 – 22035 = $7215III. Homework 6-16a. FIFO inventory > LIFO inventoryb. FIFO cost of goods sold < LIFO cost of goods soldc. FIFO net income > LIFO net incomed. FIFO income tax > LIFO income taxe. The company can pay less taxes using LIFOIV. Homework 9-10a. Bassett = $82,500Fox = $380,000Bassett A/R turnover=8.8Fox A/R turnover=6.5b. Bassett has the higher turnover meaning it takes them less time to collect their receivables.V. Homework 9-11a. Current Year(420000+550000)/2= 485000(5820000/485000) = 12.0Prior Year(400000 + 420000)/2 = 410000(4305000/410000)= 10.5b. The business has improved by being able to turnover inventory more quickly than in the prior

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