Module 5 Periodic and Perpetucal Inventory Homework 1) Please show how to record the following transactions in the periodic method of inventory 2) Please explain each answer to the following 7 questions. 1) Purchased $5000 of goods on account 2) Goods costing $35 were damaged and returned to the seller, the seller reduced the amount owed by $35. 3) New Sales Company found that items costing $95 were not ordered and could not be used. New Sales returned the items and the supplier reduced the amount owed. 4) Paid the seller the amount owed. 5) Sold inventory that cost us $300 for $525 on account 6) Freight to get the merchandise to our customer cost us $50 7) Accepted a return of merchandise which was the wrong color for the customer. Sold the merchandise for $72, and our cost was $56.
Module 5 Periodic and Perpetucal Inventory Homework 1) Please show how to record the following transactions in the periodic method of inventory 2) Please explain each answer to the following 7 questions. 1) Purchased $5000 of goods on account 2) Goods costing $35 were damaged and returned to the seller, the seller reduced the amount owed by $35. 3) New Sales Company found that items costing $95 were not ordered and could not be used. New Sales returned the items and the supplier reduced the amount owed. 4) Paid the seller the amount owed. 5) Sold inventory that cost us $300 for $525 on account 6) Freight to get the merchandise to our customer cost us $50 7) Accepted a return of merchandise which was the wrong color for the customer. Sold the merchandise for $72, and our cost was $56.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...
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Module 5 Periodic and Perpetucal Inventory Homework
1) Please show how to record the following transactions in the periodic method of inventory 2) Please explain each answer to the following 7 questions.
1) Purchased $5000 of goods on account
2) Goods costing $35 were damaged and returned to the seller, the seller reduced the amount owed by $35.
3) New Sales Company found that items costing $95 were not ordered and could not be used. New Sales returned the items and the supplier reduced the amount owed.
4) Paid the seller the amount owed.
5) Sold inventory that cost us $300 for $525 on account
6) Freight to get the merchandise to our customer cost us $50
7) Accepted a return of merchandise which was the wrong color for the customer. Sold the merchandise for $72, and our cost was $56.
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