Lesson7
Dear Ichi,
Thank you for your seventh message. My comments follow.
I am very sorry that this reply is so late. There was a problem with my computer. Sumi massen.
This weekend is a very important holiday in the US.
It is July Fourth weekend.
It is the nation's 235th (two hundred thirty-fifth) birthday.
We celebrate with a lot of fireworks.
Here is a link to my July 4th page: http://www72.homepage.villanova.edu/susan.stiner/cgu/July4th.htm.
The link to the Star Spangled Banner (national anthem) is broken.
Here is a link to the national anthem sung by very talented young ladies:
http://www.youtube.com/watch?v=PItHw8a7MIQ&NR=1
Sincerely,
Prof. Sue Garreis
<Mail>
Dear Professor Sue Garreis，
Thank you for your reply and
corrections of my English.
I will interested in this museum →http://www.trickart.jp/index.html
I am interested in this museum.
==>Thank you for the link.
It looks like a great museum!
Did you ride the cable car?
⇒I ride the cable car.
Cable car is yellow and green.
It is so cute.
This the link for the tea house:http://www.teaonthetiber.com/.
The name of the tea house is Tea on the Tiber.
This is the link for the menu: http://www.teaonthetiber.com/menus.htm.
⇒Thank you for your link.
The shop is like a fantasy world!
Someday I want to go to my shop.
If you had a busines of your own, what would it be?
I finished the play on June 29 concert.
It was a huge success!
=>Congratulations on the success of the play!
The next concert want to do horror.
I think it's the story.
Thank you for reading my email.
I’m waiting for your reply.
Sincerely yours,
ichi
P.S.
We have exams from July 11th to 15th.
So I'm sorry that I can not send email on July 15th.
=>No problem. I cannot send email on the fifteenth either.
I will be in Barcelona.
I will not have a computer there.
I will send the lesson before I leave, though.
<homework>
1. What is the format for an American Income Statement?
=>Revenue less Cost of Goods
Sold and Operating Expenses equals Net Income
2. Use your words to tell me how to calculate cost of goods sold. Please
do
⇒not use any numbers.
Calculate cost of goods sold is as follows:
Beginning Inventory＋Purchases−Ending Inventory＝Cost of
Goods Sold
=>Correct.
3. Did Beach Toys use LIFO or FIFO to calculate the cost of goods sold?
⇒Beach Toys use LIFO.
Because the entries are number 5→6→7→8A→8B→9
=>Beach Toys uses FIFO. The
cost of the oldest inventory (First In) is the cost of goods sold in
transaction 8A.
4. Does the purchase price of inventory rise or fall for Beach Toys, Inc?
⇒Yes, number8A to record the cost of the inventory sold:＄10000 rise
=>Correct. The cost to buy
inventory increases with each purchase. The first purchase is $10,000
(transaction 5). The second purchase is $12,000 (transaction 6). The third
purchase is $15,000 (transaction 7). Each time the cost increases.
5. Which inventory method (LIFO or FIFO) is better for Beach Toys, Inc to
use?
⇒"Better" means "results in lower income tax."
Better to use the LIFO for Beach Toys.
=>Correct.
6. How easy was this lesson for you?
The accounting was
:somewhat hard
The English was
:about right
Finding and using the linked web pages was :very hard