At the beginning of October, Bowser Co's inventory consists of 54 units with a cost per unit o transactions occur during the month of October October 4 Purchase 126 units of inventory on account froe Waluigi Co. for $5e per unit, teres 2/10, /30, October S Pay cash for freight charges related to the October 4 purchase, 56. October Reture 10 defective units fron the October 4 purchase and receive credit. October 12 Pay Maluigi Co. in full. October 15 Sell 156 units of inventory to custoners on account, S12,40. (Hint The cost of units seld fros the October 4 porchase ineludes $50 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $55 per unit.] October 19 Receive full payent from custoners related to the sale on October 15. October 20 Purchase 56 units of inventory from Maluigi Co. for $66 per unit, teres 1/10, /e. October 22 Sell 6 units of inventery to custoners for cash, $7,68o. (ote foe calculating the cast of inventery seld, ignore the possible purchase discount on October 20.)
At the beginning of October, Bowser Co's inventory consists of 54 units with a cost per unit o transactions occur during the month of October October 4 Purchase 126 units of inventory on account froe Waluigi Co. for $5e per unit, teres 2/10, /30, October S Pay cash for freight charges related to the October 4 purchase, 56. October Reture 10 defective units fron the October 4 purchase and receive credit. October 12 Pay Maluigi Co. in full. October 15 Sell 156 units of inventory to custoners on account, S12,40. (Hint The cost of units seld fros the October 4 porchase ineludes $50 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $55 per unit.] October 19 Receive full payent from custoners related to the sale on October 15. October 20 Purchase 56 units of inventory from Maluigi Co. for $66 per unit, teres 1/10, /e. October 22 Sell 6 units of inventery to custoners for cash, $7,68o. (ote foe calculating the cast of inventery seld, ignore the possible purchase discount on October 20.)
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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