Question

# In order to get a good rating, please explain how you arrived at each answer. Thank...

In order to get a good rating, please explain how you arrived at each answer. Thank you.

EX. 9-6

Cash flows of a government must be presented in four categories, rather than the three used by businesses.

The following list of cash flows was taken from the statement of cash flows of Grand Junction’s internal service fund (with all amounts expressed in thousands):

Cash on hand at beginning of year                                          \$122

Interest from investments                                                         45

Wages and salaries paid                                                             (3,470)

Purchases of supplies                                                                  (1,650)

Collections (for services) from other funds                               6,380

Interest on long-term debt                                                        (150)

Repayment of loans to other funds                                        (880)

Purchase of capital assets                                                          (900)

Proceeds of revenue bonds                                                      800

Purchases of investments                                                          (440)

Proceeds from sale of capital assets                                       23

Proceeds from sale of investments                                         33

Loans from other funds                                                             600

Recast the list into a statement of cash flows, adding a line for cash on hand at the end of the year.

solution:

1.ending inventory specific identification

 date units \$/unit total cost 02-12-2017 170 35 5950 20-07-2017 50 29 1450 220 7400

2.ending inventory FIFO

 date units \$/unit total cost 02-12-2017 170 35 5950 04-09-2017 50 29 1450 220 7400

ending inventory weighted averge method :

 date units \$/unit total cost beggining 170 23 3910 15 march 370 28 10360 20 july 370 29 10730 04 sep 270 33 8910 2 december 170 35 5950 1350 \$29.30 39860

average cost per unit = \$3986/1350

= \$29.30

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