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PARRISH 7-2 SALE OF INVENTORY Please complete the following periodic/perpetual inventory transactions. Please be certain to give a correct answer and use the correct terms. PERIODIC 5/15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50.5/20 Accepted return of merchandise which was wrong color for the customer. We had sold the merchandise for $72; our cost was $565/29 Shipped merchandise that had cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days5/30 Received a check for 5/15 sale Now record these transactions using the Perpetual Method.

PARRISH 7-2 SALE OF INVENTORY Please complete the following periodic/perpetual inventory transactions. Please be certain to give a correct answer and use the correct terms. PERIODIC 5/15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50.5/20 Accepted return of merchandise which was wrong color for the customer. We had sold the merchandise for $72; our cost was $565/29 Shipped merchandise that had cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days5/30 Received a check for 5/15 sale Now record these transactions using the Perpetual Method.

Corporate Financial Accounting
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 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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PARRISH 7-2 SALE OF INVENTORY

Please complete the following periodic/perpetual inventory transactions. Please be certain to give a correct answer and use the correct terms.


PERIODIC


5/15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50.
5/20 Accepted return of merchandise which was wrong color for the customer. We had sold the merchandise for $72; our cost was $56
5/29 Shipped merchandise that had cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days
5/30 Received a check for 5/15 sale

Now record these transactions using the Perpetual Method.

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