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October 10 Purchased 100 pairs of sneakers on account at a cost of $5,945 per pair. In addition, Jerome paid $405 in cash on each pair of shoes to have the inventory shipped from the vendor's warehouse to Jerome's showroom. October 30 November 1 During the month 90 pairs were sold at a unit selling price of $8,255. A new batch of 60 pairs was purchased on account at a total cost of $406,500 November 14 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier November 30 The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430,000. December 2 Odail Thomas, a customer to whom 10 pairs were sold at the close of business on November 30, returned 4 pairs of the sneakers, as they were of the wrong colour.

October 10 Purchased 100 pairs of sneakers on account at a cost of $5,945 per pair. In addition, Jerome paid $405 in cash on each pair of shoes to have the inventory shipped from the vendor's warehouse to Jerome's showroom. October 30 November 1 During the month 90 pairs were sold at a unit selling price of $8,255. A new batch of 60 pairs was purchased on account at a total cost of $406,500 November 14 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier November 30 The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430,000. December 2 Odail Thomas, a customer to whom 10 pairs were sold at the close of business on November 30, returned 4 pairs of the sneakers, as they were of the wrong colour.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 9EB: Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19...
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Jerome’s Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a perpetual inventory system. The business began the last quarter of 2017 with 25 pairs of the “Jordan” brand at a total cost of $152,500. The following transactions, relating to the Jordan brand, took place during the quarter.   


Using the FIFO method, what is the ending inventory balance on November 1, 2017? 

Purchased 100 pairs of sneakers on account at a cost of $5,945 per pair. In addition, Jerome paid $405 in cash on each pair of shoes to have the inventory shipped from the vendor's warehouse to Jerome's October 10 showroom. October 30 During the month 90 pairs were sold at a unit selling price of $8,255. A new batch of 60 pairs was purchased on account at a total cost of $406,500 November 1 November 14 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier November 30 The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430,000. Odail Thomas, a customer to whom 10 pairs were sold at the close of business on November 30, returned 4 pairs of the sneakers, as they were of the wrong colour. December 2
Transcribed Image Text:Purchased 100 pairs of sneakers on account at a cost of $5,945 per pair. In addition, Jerome paid $405 in cash on each pair of shoes to have the inventory shipped from the vendor's warehouse to Jerome's October 10 showroom. October 30 During the month 90 pairs were sold at a unit selling price of $8,255. A new batch of 60 pairs was purchased on account at a total cost of $406,500 November 1 November 14 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier November 30 The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430,000. Odail Thomas, a customer to whom 10 pairs were sold at the close of business on November 30, returned 4 pairs of the sneakers, as they were of the wrong colour. December 2
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