2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. 3 Pay cash for freight charges related to the November 2 purchase, $150. 9 Return 25 defective units from the November November November November November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,30e. [Hint: The cost of units sold from the purchase and receive credit. November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Required: 1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Record purchase of 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit November 02
2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. 3 Pay cash for freight charges related to the November 2 purchase, $150. 9 Return 25 defective units from the November November November November November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,30e. [Hint: The cost of units sold from the purchase and receive credit. November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on November 20.) Required: 1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Record purchase of 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit November 02
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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Topic Video
Question
![November
November
2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30.
3 Pay cash for freight charges related to the November 2 purchase, $150.
9 Return 25 defective units from the November 2 purchase and receive credit.
November
November 11 Pay Toad Inc. in full.
November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the
November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase
discount, or $102 per unit.]
November 20 Receive full payment from customers related to the sale on November 16.
November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30.
November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the cost of inventory
sold, ignore the possible purchase discount on November 20.)
Required:
1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
2
3 4 5
6
7
8
9
10
>
Record purchase of 75 units of inventory on account from Toad Inc. for $100
per unit, terms 1/10, n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
November
02](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2e363c5-2472-4cf7-839e-3830821f17e5%2F3e9025d0-f8d8-45a2-8413-3f478eef8388%2Fjmgwawn_processed.png&w=3840&q=75)
Transcribed Image Text:November
November
2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30.
3 Pay cash for freight charges related to the November 2 purchase, $150.
9 Return 25 defective units from the November 2 purchase and receive credit.
November
November 11 Pay Toad Inc. in full.
November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the
November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase
discount, or $102 per unit.]
November 20 Receive full payment from customers related to the sale on November 16.
November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30.
November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the cost of inventory
sold, ignore the possible purchase discount on November 20.)
Required:
1. Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
2
3 4 5
6
7
8
9
10
>
Record purchase of 75 units of inventory on account from Toad Inc. for $100
per unit, terms 1/10, n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
November
02
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