JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.) a. $2,997 b. $2,337 c. $3,117 d. $2,857

Q: A company using the perpetual inventory system purchased inventory worth $550,000 on account with…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: On June 10, Pharoah Company purchased $8,500 of merchandise on account from Flounder Company, FOB…

A: Given that: Total value of merchandise purchased = $8500 Merchandise returned = $500

Q: A home office ships inventory to its branch at 125% of cost.  The required balance of the Deferred…

A: Head office means from where the company mainly operate and all branches are controlled from that…

Q: ABC Inc purchased $9,000 inventory during the month of November from CDE Co. CDE applied a credit…

A: Formula used: Net purchases = Purchases - Purchase returns. Deduction of purchase returns value from…

Q: The Wilson Company purchased $26,000 of merchandise from the Poole Wholesale Company. Wilson also…

A: Under perpetual inventory system, the cost of goods purchased increases with the expenses like…

Q: On June 10, Pharoah Company purchased $ 8,500 of merchandise on account from Flounder Company, FOB…

A:

Q: E5-4 On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Ballard Company uses the perpetual inventory system. The company purchased $8,700 of merchandise…

A: Gross margin = Sales revenue - Cost of purchase

Q: A company using the perpetual inventory system purchased inventory worth $24,000 on account with…

A: Inventory refers to the goods that are available for sale or available for further production.

Q: Handbags, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a…

A: As per lower-of-cost-or-market rule Inventory will be recorded at lower of cost or market value.

Q: Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company…

A: Under the gross method of inventory, the recording of inventory is made at full price without…

Q: On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB…

A: Journal is a place where journal entries are recorded in the book keeping system before ledger…

Q: ABC Company purchased inventory for P750,000 from a vendor on account, FOB shipping point, with…

A: Discount on payment = Amount of inventory purchased x discount rate = P750,000 x 3% = P22,500

Q: Assume Anderson’s General Store bought, on credit, a truckload of merchandise from…

A: Purchase discount = (Purchases - Purchase return) x discount rate = ($23,000 - $1,200) x 2% = $436

Q: On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping…

A: Purchase discount = (Purchases - purchase return) x discount rate = ($8000 - $300) x 2% = $154

Q: Coronado Industries uses the perpetual inventory and the gross method. On March 1, it purchased…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: On March 3, Byrde Inc purchases inventory on account for $3,900 with invoice terms of 4/10, n/30.…

A: Accounts Payable = 3,500 x 4% = 140 Cost of Goods sold = 3,900 + 210 - 400 = 3,710

Q: JELLY'S BEAN uses the perpetual inventory method. On May 1, it purchased ₱20,000 of inventory, terms…

A: Credit term 2/10, n/30 means if payment is done within 10 days from the date of invoice a discount…

Q: FOREVER Inc purchased P200,000 worth of goods with trade discount of 15% and 10% from the list…

A: Trade discount is that type of discount which is given on the list price of the goods and this is…

Q: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Opening Inventory + Net Purchases + Freight-in Cost of goods sold…

Q: Euphoria Corporation uses the perpetual inventory method. On March 1, it purchased P30,000 of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping point,…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

Q: Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase…

A: Under periodic inventory system, all purchases that are made will be recorded in Purchases account.

Q: Assuming that there was no beginning inventory balance, the cost of inventory would be: (Assume a…

A: Given that: A company purchased inventory for $2,000 from a vendor on account, FOB shipping point,…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y…

A: Cost of goods sold = Beginning Inventory + Total Purchases - Ending Inventory

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: 32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB…

A: Every business needs inventory for the purpose of use them in manufacturing purpose. Inventory may…

Q: Vaughn Manufacturing uses the perpetual inventory and the gross method. On March 1, it purchased…

A: Net purchases = Total purchases - purchase return =74000-9000 = 65000

Q: On July 19, 2021, SLRTN Inc. sold 19,000 units of its inventory to a customer for a total cash price…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

Q: Question

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase…

A: In periodic inventory system, separate account for delivery costs is maintained other than main…

Q: Bramble Corp. uses the perpetual inventory and the gross method. On March 1, it purchased $ 54000 of…

A: Total purchase  $                  54,000 Return  $                   (5,400) Net purchase  $…

Q: On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Sales revenue to be recorded =Sales value - sales discount

Q: Nelson Company bought inventory for $50,000 on terms of 2/15, n/60. It pays for the first $37,500 of…

A: SOLUTION-   GROSS PRICE-  IN THAT PURCHASE WILL BE RECORDED AT FULL COST PRICE IRRESPECTIVE OF THE…

Q: One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of…

A: Under FIFO method of inventory  valuation goods purchased first, are sold first. Specific…

Q: On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Assume Bela Donna's General Store bought, on credit, a truckload of merchandise from American…

A: Journal Entry for recording transactions: Date  Account title and explanation Debit Credit a.…

Q: Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year,…

A: Formula: Net purchases = Purchases - Purchase returns + Freight - Purchase discount

Q: Northwest Fur Co. started the year with $94,000 of merchandise inventory on hand. During the year,…

A: Given:  Beginning inventory -  $94,000 Purchase of merchandise - $435,000 Discount rate - 1% Freight…

Q: JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing…

A:

Q: Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a…

A: Perpetual inventory method is a method in which estimation of inventory is done on the basis of…