Chapter 6
Merchandise Inventory and Cost of Goods Sold
Check Points
(10 min.) CP 6-1
Nissan North America
Balance Sheet December 31, 20X6
Current assets:
Inventory (300 @ $80)…………………..
Nissan North America Income Statement
Year Ended December 31, 20X6
$84,000 Sales revenue [700 ? ($80 + $40)]……….
Cost of goods sold (700 @ $80)………… 56,000 Gross profit…………………………………. $28,000
$24,000
Chapter 6 Merchandise Inventory and Cost of Goods Sold 379
(10-15 min.) CP 6-2
1. (Journal entries)
Inventory………………………………….. 100,000 Accounts Payable……………………. 100,000
28,000 Cash ($140,000 ? .20)……………………
Amounts Receivable ($140,000 ? .80).. 112,000
Sales Revenue………………………... Cost of Goods Sold…………………….. 60,000 Inventory ($100,000 ? .60)…………..
2. (Financial statements)
BALANCE SHEET Current assets: Inventory ($100,000 – $60,000)………………. INCOME STATEMENT Sales revenue……………………………………… Cost of goods sold……………………………….. Gross profit…………………………………………
380
Financial Accounting 6/e Solutions Manual 140,000
60,000 $40,000 $140,000 60,000 $ 80,000 (10 min.) CP 6-3
Billions Inventory………………………… 6.4 Cash…………………………... 6.4 Accounts Receivable…………. 28.5 Sales Revenue………………. 28.5 Cost of Goods Sold…………… 6.2 Inventory……………………... 6.2 Cash……………………………… 26.3 Accounts Receivable………. 26.3
Chapter 6 Merchandise Inventory and Cost of Goods Sold 381
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