toryQua
tityu
itsCostperu
itTotalTotalcostofgoodssoldGrossprofit
1500016
240000
200012
24000
340000
26400076000
Valueofe
di
gi
ve
toryBegi
i
gi
ve
tory5000x12Totalproductio
15000x16Totali
ve
toryavailableforsaleCostofgoodsoldE
di
gi
ve
tory
OR3000u
itsx1236000
60000
240000
30000026400036000
Copyright2005byTheMcGrawHillCompa
iesI
c
S122
f412
JerricoWallboardCohadabegi
i
gi
ve
toryof7000u
itso
Ja
uary12004
Thecostsassociatedwiththei
ve
torywere
Material900u
itLabor500u
itOverhead410u
it
Duri
g2004Jerricoproduced28500u
itswiththefollowi
gcosts
Material1150u
itLabor480u
itOverhead620u
it
Salesfortheyearwere31500u
itsat2960eachJerricousesLIFOaccou
ti
gWhatwasthegrossprofitWhatwasthevalueofe
di
gi
ve
tory
S123
Copyright2005byTheMcGrawHillCompa
iesI
c
f412Co
ti
ued
Solutio

JerricoWallboardCo
Sales315002960CostofgoodssoldNewi
ve
toryQua
tityu
itsCostperu
itTotalOldi
ve
toryQua
tityu
itsCostperu
itTotalTotalcostofgoodssoldGrossprofit
932400
285002250
30001810
641250
54300695550236850
Valueofe
di
gi
ve
toryBegi
i
gi
ve
tory7000x1810Totalproductio
28500x2250Totali
ve
toryavailableforsaleCostofgoodsoldE
di
gi
ve
tory
OR4000u
itsx181072400
126700
641250
76795069555072400
Copyright2005byTheMcGrawHillCompa
iesI
c
S124
f413
JLo’sClothiershasforecastcreditsalesforthefourthquarteroftheyearas
SeptemberactualFourthQuarter
OctoberNovemberDecember
70000
600005500080000
Experie
cehasshow
that30perce
tofsalesarecollectedi
themo
thofsale60perce
ti
thefollowi
gmo
tha
d10perce
tare
evercollected
PrepareascheduleofcashreceiptsforJLo’sClothierscoveri
gthefourthquarterOctoberthroughDecember
Solutio

JLo’sClothiers
Creditsales30Collectedi
mo
thofsales60Collectedi
mo
thaftersalesr