1. On January 1, 2022 the company purchased 200,000 materials on account, with terms: 6%, 5/20, n/60. Compute the amount of purchase in a Periodic Inventory System on January 1. 2. In connection with number 1, if on January 15, the payment is made, how much is the recorded Purchase discount in the Perpetual Inventory System? 3. On February 3, the company purchased materials amounting to 950,000 on account. Transportation costs amounted to 5,000. Terms: 8%, 3/15, n/60. Using the Perpetual Inventory System, how much is the recorded purchases on February 3? 4. On February 3, how much is the Raw Materials Inventory using the Perpetual Inventory System?
1. On January 1, 2022 the company purchased 200,000 materials on account, with terms: 6%, 5/20, n/60. Compute the amount of purchase in a Periodic Inventory System on January 1. 2. In connection with number 1, if on January 15, the payment is made, how much is the recorded Purchase discount in the Perpetual Inventory System? 3. On February 3, the company purchased materials amounting to 950,000 on account. Transportation costs amounted to 5,000. Terms: 8%, 3/15, n/60. Using the Perpetual Inventory System, how much is the recorded purchases on February 3? 4. On February 3, how much is the Raw Materials Inventory using the Perpetual Inventory System?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...
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1. On January 1, 2022 the company purchased 200,000 materials on account, with terms: 6%, 5/20, n/60. Compute the amount of purchase in a Periodic Inventory System on January 1.
2. In connection with number 1, if on January 15, the payment is made, how much is the recorded Purchase discount in the Perpetual Inventory System?
3. On February 3, the company purchased materials amounting to 950,000 on account. Transportation costs amounted to 5,000. Terms: 8%, 3/15, n/60. Using the Perpetual Inventory System, how much is the recorded purchases on February 3?
4. On February 3, how much is the Raw Materials Inventory using the Perpetual Inventory System?
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