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On December 30, 2018, JENNIE Corporation sold merchandise for P75,000 to LISA Company. The terms of the sale were n/30, FOB shipping point. The merchandise was shipped on December 31,2018, and arrived at LISA on January 2,2009. Due to a Clerical error, the sale was not recorded until January 2019 and the merchandise, sold at a 25% mark up on cost, was included in JENNIE's inventory at December 31,2018.  As a result, Ed’s cost of goods for the year ended December 31,2018 was –

On December 30, 2018, JENNIE Corporation sold merchandise for P75,000 to LISA Company. The terms of the sale were n/30, FOB shipping point. The merchandise was shipped on December 31,2018, and arrived at LISA on January 2,2009. Due to a Clerical error, the sale was not recorded until January 2019 and the merchandise, sold at a 25% mark up on cost, was included in JENNIE's inventory at December 31,2018.  As a result, Ed’s cost of goods for the year ended December 31,2018 was –

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PA: On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as...
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On December 30, 2018, JENNIE Corporation sold merchandise for P75,000 to LISA Company. The terms of the sale were n/30, FOB shipping point. The merchandise was shipped on December 31,2018, and arrived at LISA on January 2,2009. Due to a Clerical error, the sale was not recorded until January 2019 and the merchandise, sold at a 25% mark up on cost, was included in JENNIE's inventory at December 31,2018.

 As a result, Ed’s cost of goods for the year ended December 31,2018 was –

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