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McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
http://studiestime.com/
Internal Control and Financial
Reporting for Cash and Merchandise
Sales
PowerPoint Authors:
Susan ...
Learning Objective 1
http://studiestime.com/
Distinguish among service,
merchandising, and
manufacturing
operations.
6-3
Operating Cycles
(http://studiestime.com/)
CollectCollect
CashCash
CollectCollect
CashCash
IncurIncur
OperatingOperating
E...
Operating Cycles
(http://studiestime.com/)
CollectCollect
CashCash
CollectCollect
CashCash
IncurIncur
OperatingOperating
E...
Operating Cycles
SellSell
ProductsProducts
SellSell
ProductsProducts
CollectCollect
CashCash
CollectCollect
CashCash
Incur...
Learning Objective 2
Explain common principles
and limitations of internal
control.
6-7
Internal Control
All companies include as part of their operatingAll companies include as part of their operating
activiti...
Common Control Principles
Principle Explanation Examples
Establish responsibility
Assign each task to only one
person.
Eac...
Control Limitations
Internal controls can never
completely prevent and detect
errors and fraud.
Benefits vs. Cost
Human Er...
Learning Objective 3
Apply internal control
principles to cash receipts and
payments.
6-11
Controlling and Reporting Cash
Internal control of cash is important
to any organization.
Volume of cash
is enormous.
Cash...
Cash Received in Person
Segregate Duties
Cashier
Custody
Recording
6-13
Cash Received in Person
6-14
Cash Received in Person
6-15
Cash Received from a Remote
Source
Cash Received
by Mail
Cash Received
Electronically
6-16
Cash Payments
Cash Payments
Writing a
Check
Electronic
Funds
Transfer
A voucher system is a process for approving
and docu...
Learning Objective 4
Perform the key control of
reconciling cash to bank
statements.
6-18
Bank Procedures and
Reconciliation
Banks provide services that help businesses toBanks provide services that help business...
Bank Statement
1
2 3 4 5
6-20
Reconciling Differences
You May Not Know About . . .
3. Interest the bank has put into your account.
4. Electronic funds t...
Bank Reconciliation
To determine the appropriate cash
balance, these balances need to be
reconciled.
6-22
Bank Reconciliation
Bank Reconciliation Goals
1. Identify the deposits in transit.
2. Identify the outstanding checks.
3. ...
Bank Reconciliation
6-24
Reporting Cash and Cash
Equivalents
Cash includes money or any
instrument that banks will accept for
deposit and immediate...
Learning Objective 5
Explain the use of a perpetual
inventory system as a control.
6-26
Controlling and Reporting
Merchandise Sales
Inventory
Quantities
Inventory
Costs
Financial
Statements
Unsold
Inventory
Bal...
Perpetual Inventory System
In a perpetual inventory
system, the inventory
records are updated
“perpetually,” that is, ever...
Periodic Inventory System
In a periodic inventory system,
the inventory records are updated “periodically,”
that is, at th...
Inventory Control
Perpetual
Inventory
System
Continuous
Tracking
Can
Estimate
Shrinkage
Periodic
Inventory
System
No Up-to...
Learning Objective 6
Analyze sales transactions
under a perpetual inventory
system.
6-31
Sales Transactions
Merchandisers earn revenues by transferring
ownership of merchandise to a customer, either
for cash or ...
Sales Transactions
Every merchandise sale has two components,
each of which requires an entry in a perpetual
inventory sys...
Sales Transactions
Assume Wal-Mart sells two Schwinn mountain bikes for $400 cash. The bikes had
previously been recorded ...
Sales Returns and Allowances
When goods sold to a customer arrive
in damaged condition or are otherwise
unsatisfactory, th...
Sales Returns and Allowances
Suppose that after Wal-Mart sold the two Schwinn mountain bikes, the customer
returned one to...
Sales on Account and Sales
Discounts
A sales discount is a sales price reduction
given to customers for prompt payment of
...
Sales on Account and Sales
Discounts
Suppose Wal-Mart’s warehouse store (Sam’s Club) sells printer paper on account
to a l...
Sales on Account and Sales
Discounts
To take advantage of this 2% discount, the customer must pay Wal-Mart within 10
days....
Summary of Sales-Related
Transactions
The sales returns and allowances and sales
discounts introduced in this section were...
Learning Objective 7
Analyze a merchandiser’s
multistep income statement.
6-41
Gross Profit Percentage
Gross
Profit %
=
Gross Profit
Net Sales
× 100
6-42
Comparing Operating Results
Across Companies and Industries
6-43
Chapter 6
Solved Exercises
M6-11, M6-19, E6-5, E6-7, E6-10,
E6-17
M6-11 Calculating Shrinkage in a Perpetual Inventory System
Corey’s Campus Store has $50,000 of inventory on hand at the
b...
M6-19 Calculating the Impact of Changes in Gross Profit
Percentage on Operating Income
Luxottica Group, the Italian compan...
E6-5 Preparing a Bank Reconciliation and Journal Entries, and
Reporting Cash
Hills Company’s June 30, 2010, bank statement...
HILLS COMPANY
Bank Reconciliation
June 30, 2010
Bank Statement Company's Books
Ending balance per bank
statement…………………. $...
E6-5 Preparing a Bank Reconciliation and Journal Entries, and
Reporting Cash
2.Give any journal entries that should be mad...
E6-7 Identifying Shrinkage and Other Missing Inventory
Information
Calculate the missing information for each of the follo...
E6-10 Recording Journal Entries for Net Sales with Credit Sales
and Sales Discounts
Using the information in E6-9, prepare...
E6-10 Recording Journal Entries for Net Sales with Credit Sales
and Sales Discounts
Using the information in E6-9, prepare...
E6-10 Recording Journal Entries for Net Sales with Credit Sales
and Sales Discounts
Using the information in E6-9, prepare...
E6-10 Recording Journal Entries for Net Sales with Credit Sales
and Sales Discounts
Using the information in E6-9, prepare...
E6-10 Recording Journal Entries for Net Sales with Credit Sales
and Sales Discounts
Using the information in E6-9, prepare...
E6-17 Inferring Missing Amounts Based on Income Statement
Relationships
Supply the missing dollar amounts for the income s...
End of Chapter 6
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Internal Control and Financial Reporting for Cash and Merchandise Sales

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Internal Control and Financial Reporting for Cash and Merchandise Sales

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Internal Control and Financial Reporting for Cash and Merchandise Sales

  1. 1. McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
  2. 2. http://studiestime.com/ Internal Control and Financial Reporting for Cash and Merchandise Sales PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Fred Phillips, Ph.D., CA
  3. 3. Learning Objective 1 http://studiestime.com/ Distinguish among service, merchandising, and manufacturing operations. 6-3
  4. 4. Operating Cycles (http://studiestime.com/) CollectCollect CashCash CollectCollect CashCash IncurIncur OperatingOperating ExpensesExpenses IncurIncur OperatingOperating ExpensesExpenses ServiceService CompanyCompany SellSell ServicesServices SellSell ServicesServices 6-4
  5. 5. Operating Cycles (http://studiestime.com/) CollectCollect CashCash CollectCollect CashCash IncurIncur OperatingOperating ExpensesExpenses IncurIncur OperatingOperating ExpensesExpenses BuyBuy ProductsProducts BuyBuy ProductsProducts MerchandisingMerchandising CompanyCompany SellSell ProductsProducts SellSell ProductsProducts 6-5
  6. 6. Operating Cycles SellSell ProductsProducts SellSell ProductsProducts CollectCollect CashCash CollectCollect CashCash IncurIncur OperatingOperating ExpensesExpenses IncurIncur OperatingOperating ExpensesExpenses Buy RawBuy Raw MaterialsMaterials Buy RawBuy Raw MaterialsMaterials MakeMake ProductsProducts MakeMake ProductsProducts ManufacturingManufacturing CompanyCompany 6-6
  7. 7. Learning Objective 2 Explain common principles and limitations of internal control. 6-7
  8. 8. Internal Control All companies include as part of their operatingAll companies include as part of their operating activities a variety of procedures and policies thatactivities a variety of procedures and policies that are referred to asare referred to as internal controlsinternal controls.. All companies include as part of their operatingAll companies include as part of their operating activities a variety of procedures and policies thatactivities a variety of procedures and policies that are referred to asare referred to as internal controlsinternal controls.. Internal controls are the methods a companyInternal controls are the methods a company uses to:uses to: 1.1. Protect against the theft of assets.Protect against the theft of assets. 2.2. Enhance the reliability of accountingEnhance the reliability of accounting information.information. 3.3. Promote efficient and effective operations.Promote efficient and effective operations. 4.4. Ensure compliance with applicable lawsEnsure compliance with applicable laws and regulations.and regulations. 6-8
  9. 9. Common Control Principles Principle Explanation Examples Establish responsibility Assign each task to only one person. Each Wal-Mart cashier uses a different cash drawer Segregate duties Do not make one employee responsible for all parts of a process. Wal-Mart cashiers, who ring up sales, do not approve price changes. Restrict access Do not provide access to assets or information unless it is needed to fulfill assigned responsibilities. Wal-Mart secures valuable assets such as cash and access to its computer systems (passwords, firewalls). Document procedures Prepare documents to show activities that have occurred. Wal-Mart pays suppliers using prenumbered checks. Independently verify Check others' work. Wal-Mart compares cash balances in its accounting records to the cash balances reported by its bank, and accounts for any differences. 6-9
  10. 10. Control Limitations Internal controls can never completely prevent and detect errors and fraud. Benefits vs. Cost Human Error or Fraud 6-10
  11. 11. Learning Objective 3 Apply internal control principles to cash receipts and payments. 6-11
  12. 12. Controlling and Reporting Cash Internal control of cash is important to any organization. Volume of cash is enormous. Cash is valuable and “owned” by person possessing it. 6-12
  13. 13. Cash Received in Person Segregate Duties Cashier Custody Recording 6-13
  14. 14. Cash Received in Person 6-14
  15. 15. Cash Received in Person 6-15
  16. 16. Cash Received from a Remote Source Cash Received by Mail Cash Received Electronically 6-16
  17. 17. Cash Payments Cash Payments Writing a Check Electronic Funds Transfer A voucher system is a process for approving and documenting all purchases and payments on account. Most companies pay cash to their employees through EFTs, which are known by employees as direct deposits. 6-17
  18. 18. Learning Objective 4 Perform the key control of reconciling cash to bank statements. 6-18
  19. 19. Bank Procedures and Reconciliation Banks provide services that help businesses toBanks provide services that help businesses to control cash in several ways:control cash in several ways: RestrictingRestricting AccessAccess DocumentingDocumenting ProceduresProcedures IndependentlyIndependently VerifyingVerifying A bank reconciliation is an internal reportA bank reconciliation is an internal report prepared to verify the accuracy of both theprepared to verify the accuracy of both the bank statement and the cash accounts of abank statement and the cash accounts of a business or individual.business or individual. 6-19
  20. 20. Bank Statement 1 2 3 4 5 6-20
  21. 21. Reconciling Differences You May Not Know About . . . 3. Interest the bank has put into your account. 4. Electronic funds transfer (EFT) 5. Service charges taken out of your account. 6. Customer checks you deposited but that bounced. 7. Errors made by you. Your Bank May Not Know About . . . 1. Errors made by the bank. 2. Time lags: a. Deposits that you made recently. b. Checks that you wrote recently. 6-21
  22. 22. Bank Reconciliation To determine the appropriate cash balance, these balances need to be reconciled. 6-22
  23. 23. Bank Reconciliation Bank Reconciliation Goals 1. Identify the deposits in transit. 2. Identify the outstanding checks. 3. Record other transactions on the bank statement. 4. Determine the impact of errors. 6-23
  24. 24. Bank Reconciliation 6-24
  25. 25. Reporting Cash and Cash Equivalents Cash includes money or any instrument that banks will accept for deposit and immediate credit to a company’s account, such as a check, money order, or bank draft. Cash equivalents are short-term, highly liquid investments purchased within three months of maturity. 6-25
  26. 26. Learning Objective 5 Explain the use of a perpetual inventory system as a control. 6-26
  27. 27. Controlling and Reporting Merchandise Sales Inventory Quantities Inventory Costs Financial Statements Unsold Inventory Balance Sheet Sold Inventory Income Statement 6-27
  28. 28. Perpetual Inventory System In a perpetual inventory system, the inventory records are updated “perpetually,” that is, every time inventory is bought, sold, or returned. Perpetual systems often are combined with bar codes and optical scanners. 6-28
  29. 29. Periodic Inventory System In a periodic inventory system, the inventory records are updated “periodically,” that is, at the end of the accounting period. To determine how much merchandise has been sold, periodic systems require that inventory be physically counted at the end of the period. 6-29
  30. 30. Inventory Control Perpetual Inventory System Continuous Tracking Can Estimate Shrinkage Periodic Inventory System No Up-to-Date Records Can’t Estimate Shrinkage 6-30
  31. 31. Learning Objective 6 Analyze sales transactions under a perpetual inventory system. 6-31
  32. 32. Sales Transactions Merchandisers earn revenues by transferring ownership of merchandise to a customer, either for cash or on credit. For a merchandiser who is shipping goods to a customer, the transfer of ownership occurs at one of two possible times: 1. FOB shipping point —the sale is recorded when the goods leave the seller’s shipping department. 2. FOB destination —the sale is recorded when the goods reach their destination (the customer). 6-32
  33. 33. Sales Transactions Every merchandise sale has two components, each of which requires an entry in a perpetual inventory system. Selling Price Cost 6-33
  34. 34. Sales Transactions Assume Wal-Mart sells two Schwinn mountain bikes for $400 cash. The bikes had previously been recorded in Wal-Mart’s Inventory at a total cost of $350. Assets = Liabilities + Stockholders' Equity (a) Cash +400 Sales Revenue (+R) +400 (b) Inventory -350 Cost of Goods Sold (+E) -350 1 Analyze 2 Record 6-34
  35. 35. Sales Returns and Allowances When goods sold to a customer arrive in damaged condition or are otherwise unsatisfactory, the customer can (1) return them for a full refund or (2) keep them and ask for a reduction in the selling price, called an allowance. 6-35
  36. 36. Sales Returns and Allowances Suppose that after Wal-Mart sold the two Schwinn mountain bikes, the customer returned one to Wal-Mart. Assuming that the bike is still like new, Wal-Mart would refund the $200 selling price to the customer and take the bike back into inventory. Assets = Liabilities + Stockholders' Equity (a) Cash -200 Sales Returns and Allowances (+xR) -200 (b) Inventory +175 Cost of Goods Sold (-E) +175 1 Analyze 2 Record 6-36
  37. 37. Sales on Account and Sales Discounts A sales discount is a sales price reduction given to customers for prompt payment of their account balance. 6-37
  38. 38. Sales on Account and Sales Discounts Suppose Wal-Mart’s warehouse store (Sam’s Club) sells printer paper on account to a local business for $1,000 with payment terms of 2/10, n/30. The paper cost Sam’s Club $700. Assets = Liabilities + Stockholders' Equity (a) Accounts Receivable +1,000 Sales Revenue (+R) +1,000 (b) Inventory -700 Cost of Goods Sold (+E) -700 1 Analyze 2 Record 6-38
  39. 39. Sales on Account and Sales Discounts To take advantage of this 2% discount, the customer must pay Wal-Mart within 10 days. If the customer does so, it will deduct the $20 discount (2% $1,000) from the total owed ($1,000), and then pay $980 to Wal-Mart. Assets = Liabilities + Stockholders' Equity Cash +980 Sales Discounts (+xR) -20 Accounts Receivable -1,000 1 Analyze 2 Record (2% × $1,000) 6-39
  40. 40. Summary of Sales-Related Transactions The sales returns and allowances and sales discounts introduced in this section were recorded using contra-revenue accounts. 6-40
  41. 41. Learning Objective 7 Analyze a merchandiser’s multistep income statement. 6-41
  42. 42. Gross Profit Percentage Gross Profit % = Gross Profit Net Sales × 100 6-42
  43. 43. Comparing Operating Results Across Companies and Industries 6-43
  44. 44. Chapter 6 Solved Exercises M6-11, M6-19, E6-5, E6-7, E6-10, E6-17
  45. 45. M6-11 Calculating Shrinkage in a Perpetual Inventory System Corey’s Campus Store has $50,000 of inventory on hand at the beginning of the month. During the month, the company buys $8,000 of merchandise and sells merchandise that had cost $30,000. At the end of the month, $25,000 of inventory is on hand. How much shrinkage occurred during the month? Beginning inventory $50,000 Purchases +8,000 Cost of Goods Sold -30,000 Ending balance 28,000 Inventory count -25,000 Shrinkage $3,000 6-45
  46. 46. M6-19 Calculating the Impact of Changes in Gross Profit Percentage on Operating Income Luxottica Group, the Italian company that sells Ray Ban and Killer Loop sunglasses, reported a gross profit percentage of 68.3 percent in 2007 and 66.5 percent in 2008. In each of these two years, the company’s net sales was fairly steady at approximately 5 million euro. Assuming that Luxottica’s operating expenses were 2.6 million euro in each year, how much more (or less) income from operations did Luxottica report in 2008 than in 2007? 2007 2008 Sales € 5,000,000 € 5,000,000 Gross profit percentage x 0.683 x 0.665 Gross Profit 3,415,000 3,325,000 Operating Expenses 2,600,000 2,600,000 Income from Operations € 815,000 € 725,000 Luxottica earned € 90,000 less in 2008 than in 2007. 6-46
  47. 47. E6-5 Preparing a Bank Reconciliation and Journal Entries, and Reporting Cash Hills Company’s June 30, 2010, bank statement and the June ledger account for cash are summarized here: Required: 1. Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $700. Some of the checks that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. 6-47
  48. 48. HILLS COMPANY Bank Reconciliation June 30, 2010 Bank Statement Company's Books Ending balance per bank statement…………………. $6,070 Ending balance per Cash account……………………… $6,400 Additions: Additions: Deposit in transit……………. 1,000* None 7,070 6,400 Deductions: Deductions: Outstanding checks………… 700 Bank service charge…… 30 Up-to-date cash balance…. $6,370 Up-to-date cash balance…… $6,370 *$19,000 – $18,000 = $1,000. E6-5 Preparing a Bank Reconciliation and Journal Entries, and Reporting Cash 6-48
  49. 49. E6-5 Preparing a Bank Reconciliation and Journal Entries, and Reporting Cash 2.Give any journal entries that should be made as a result of the bank reconciliation. 3.What is the balance in the Cash account after the reconciliation entries? 4.In addition to the balance in its bank account, Hills Company also has $300 cash on hand. This amount is recorded in a separate T- account called Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30? dr Office Expenses (+E,-SE)................................................................ 30 cr Cash (-A).................................................................... 30 To record bank service charges. $6,370 ($6,400 - $30) Balance sheet (June 30, 2008): Current assets: Cash ($6,370 + $300) ........................................................ $6,670 6-49
  50. 50. E6-7 Identifying Shrinkage and Other Missing Inventory Information Calculate the missing information for each of the following independent cases: Case Beg. Inventory Purchases Cost of Goods Sold Ending Inventory (perpetual) Ending Inventory (As Counted) Shrinkage A $100 $700 $300 $500 $420 $80 B 200 800 850 150 150 0 C 150 500 200 450 440 10 D 260 600 650 210 200 10 ? ? ? ? ? ? ? 6-50
  51. 51. E6-10 Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts Using the information in E6-9, prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. Jan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $70. 6 Sold goods to SpyderCorp for $80 with terms 2/10, n/30. The goods cost Solitare $60. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from SpyderCorp. 28 Sold goods for $50 to Bridges with terms 2/10, n/45. The goods cost Solitare $30. Jan. 6 dr Accounts Receivable (+A)...............................................100 cr Sales Revenue (+R,+SE)........................................... 100 dr Cost of Goods Sold (+E,-SE) .......................................... 70 cr Inventory (-A) ............................................................. 70 6-51
  52. 52. E6-10 Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts Using the information in E6-9, prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. Jan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $70. 6 Sold goods to SpyderCorp for $80 with terms 2/10, n/30. The goods cost Solitare $60. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from SpyderCorp. 28 Sold goods for $50 to Bridges with terms 2/10, n/45. The goods cost Solitare $30. Jan. 6 dr Accounts Receivable (+A)............................................... 80 cr Sales Revenue (+R,+SE)........................................... 80 dr Cost of Goods Sold (+E,-SE) .......................................... 60 cr Inventory (-A) ............................................................. 60 6-52
  53. 53. E6-10 Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts Using the information in E6-9, prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. Jan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $70. 6 Sold goods to SpyderCorp for $80 with terms 2/10, n/30. The goods cost Solitare $60. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from SpyderCorp. 28 Sold goods for $50 to Bridges with terms 2/10, n/45. The goods cost Solitare $30. Jan. 14 dr Cash (+A) ($1,000 x 98%)............................................... 98 dr Sales Discounts (+xR,-SE) ($1,000 x 2%) ...................... 2 cr Accounts Receivable (-A)........................................... 100 6-53
  54. 54. E6-10 Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts Using the information in E6-9, prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. Jan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $70. 6 Sold goods to SpyderCorp for $80 with terms 2/10, n/30. The goods cost Solitare $60. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from SpyderCorp. 28 Sold goods for $50 to Bridges with terms 2/10, n/45. The goods cost Solitare $30. Feb. 2 dr Cash (+A)........................................................................ 80 cr Accounts Receivable (-A)........................................... 80 6-54
  55. 55. E6-10 Recording Journal Entries for Net Sales with Credit Sales and Sales Discounts Using the information in E6-9, prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system. Jan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10, n/30. The goods cost Solitare $70. 6 Sold goods to SpyderCorp for $80 with terms 2/10, n/30. The goods cost Solitare $60. 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from SpyderCorp. 28 Sold goods for $50 to Bridges with terms 2/10, n/45. The goods cost Solitare $30. Feb. 28 dr Accounts Receivable (+A)............................................... 50 cr Sales Revenue (+R,+SE)........................................... 50 dr Cost of Goods Sold (+E,-SE) .......................................... 30 cr Inventory (-A) ............................................................. 30 6-55
  56. 56. E6-17 Inferring Missing Amounts Based on Income Statement Relationships Supply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases: Case A Case B Case C Sales Revenue ......................................... $ 8,000 $ 6,000 $ 6,195 Sales Returns and Allowances ................. 150 500 275 Net Sales ............................................ 7,850 5,500 5,920 Cost of Goods Sold................................... 5,750 4,050 5,400 Gross Profit ............................................ $ 2,100 $ 1,450 $ 520 6-56
  57. 57. End of Chapter 6

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