Key Assignment

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award:

10 points
Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of
$29,000. During the year, the following amounts are recorded.

Purchases
Purchase returns
Purchase discounts
Freight-in
Freight-out

$ 190,000
20,000
13,000
36,000
21,000

Required:
Calculate cost of goods sold for the year. (Omit the "$" sign in your response.)

Cost of goods sold
Worksheet

$
Difficulty: Medium

Learning Objective: 06-2

[The following information applies to the questions displayed below.]

During 2010, TRC Corporation has the following inventory transactions. [cal2a]

Date
Jan. 1
Apr. 7
Jul. 16
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May 2 Purchases books on account from Readers Wholesale for $1,600, terms 2/10, n/30.
May 3 Pays freight costs of $110 on books purchased from Readers.
May 5 Returns books with a cost of $400 to Readers because part of the order is incorrect.
May 10 Pays the full amount due to Readers.
May 30 Sells books purchased on May 2 (less those returned on May 5) for $2,300 on account.

award:

10 points
Requirement 1:
Record the transactions of Littleton Books, assuming the company uses a periodic inventory system.
(Omit the "$" sign in your response.)
Date
May 2

General Journal

Debit

Credit

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May 3

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May 5

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May 10

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10/4/2010 9:55 PM

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May 30

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Worksheet

Difficulty: Medium

Learning Objective: 06-5

award:

10 points
Requirement 2:
Record the period-end adjustment to cost of goods sold on May 31, assuming the company has no beginning or ending inventory. (Leave no cells blank - be certain to enter "0" wherever required.
Omit the "$" sign
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