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Acct 117 Homework to be Collected Name 1) On December 31, 3017, Harrison Company had the following balance sheet: Harrison Company Balance Sheet At December 31, 2017 Cash Accounts Receivable Inventory - Note 1 Equipment - Note 2 Accumulated Depreciation $3,000 25000 -5000 $4,800 Accounts Payable $3,900 $1,800 Common Stock Par Value $1, Authorized 100,000 shares, $20,000 outstanding 8,000 shares Additional Paid in Equity Total Pd in Equity $8,000 $2,000 $10,000 $17,500 Total Assets Retained Earning $30,500 Total Liabilities & Stockholders Equity $30,500 Notes to the Financial Statement: Note 1: Inventory - Harrison Company uses the FIFO method of inventory. The inventory of $1,800 consisted of 3,000 units at a cost of $.60 per unit. Note 2: As noted above, total Common Stock, $1.00 par authorized in the Corporate Charter are 100,000 shares. As of 12/31/17 8,000 shares are outstanding During the first six months of 2018, Harrison Company had the following transactions: 1) 2) 3) 4) On January 5, purchased 4,000 units of inventory at a cost of $.72 per unit on account. On February 8, sold 4,400 units of inventory at $.90 per unit on account. On April 12, purchased 2,200 units of inventory at a cost of $.75 per unit on account. On June 14, sold 2,000 units of inventory at $.95 per unit REQUIREMENTS: Determine the total sales for Harrison Company for the period ending June 30, 2018 in both units and dollars. Total Units SALES: Total 6,400 $5,860.00 2) Complete the following inventory schedule to determine goods available for sale, both in units & dollars Date Units Unit Cost Extension $ Beginning Inventory 3,000 $0.60 $1,800.00 Purchases 4,000 $0.72 $2,880.00 2,200 $0.75 $1,650.00 GOODS AVAILABLE FOR SALE 9.200 9,200 $6,330.00 3) Determine the cost of Goods Sold Schedule based on the FIFO method of inventory, to the nearest $ is acceptable

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