During the month of June, the following merchandise transactions occurred: June 1 3 5 8 9 11 12 Purchased 180 books on account for $16 each from Reader's World Publishers, terms n/45. Sold 230 books on account to The Book Nook for $25 each, with an assumed average cost of $17, terms n/45. Received a $144 credit for 9 books returned to Reader's World Publishers. Sold 85 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $17, terms n/45. Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. 17 22 25 29 Purchased 130 books on account for $14 each from Read More Publishers, terms n/45. Received payment in full from The Book Nook. Received payment in full from Read-A-Lot Bookstore. Sold 125 books on account to Reader's Bookstore for $25 each, with an assumed average cost of $17, terms n/45. Granted Reader's Bookstore a $375 credit for 15 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. Rt O 18°C Partly cloudy ^ENG
During the month of June, the following merchandise transactions occurred: June 1 3 5 8 9 11 12 Purchased 180 books on account for $16 each from Reader's World Publishers, terms n/45. Sold 230 books on account to The Book Nook for $25 each, with an assumed average cost of $17, terms n/45. Received a $144 credit for 9 books returned to Reader's World Publishers. Sold 85 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $17, terms n/45. Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. 17 22 25 29 Purchased 130 books on account for $14 each from Read More Publishers, terms n/45. Received payment in full from The Book Nook. Received payment in full from Read-A-Lot Bookstore. Sold 125 books on account to Reader's Bookstore for $25 each, with an assumed average cost of $17, terms n/45. Granted Reader's Bookstore a $375 credit for 15 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. Rt O 18°C Partly cloudy ^ENG
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10AMCP
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