The following transactions occured during 2014 for Bentley Inc. which uses a perpetual inventory system : (a) June 1: Bentley Inc.'s merchandise was sold to Zcom Inc. for $9,900 under credit terms of 2/30, n/60, FOB shipping point. The cost of the merchandise was $7,920. (b) June 1: Bentley Inc. purchased merchandise from Barton Corporation for $5,200 under credit terms of n/60, FOB shipping point. (c) June 2: Bentley Inc. purchased merchandise from Southgate Inc. for $6,500 cash, FOB destination. (d) June 2: Bentley Inc. purchased merchandise from Allarco Inc. for $9,700 under credit terms of n/60, FOB destination. (e) June 2: Paid $300 for freight charges for the June 1 purchase of merchandise. (f) June 4: Bentley Inc. sold merchandise that cost $7,600 to Star Inc. for $9,500 under credit terms of 2/30, n/60, FOB shipping point. (g) June 11: Zcom Inc. requested a price reduction on the June 1 sale because the merchandise did not meet specifications. Sent Zcom Inc. a credit memorandum for $1,800 to resolve the issue. (h) June 12: Received a credit memorandum in the amount of $600 acknowledging the return of merchandise purchased from Allarco Inc. on June 2. (i) July 1: Received Zcom Inc.'s payment of the amount due from the June 1 sale. (1) July 4: Received the balance due from Star Inc. for the sale dated June 4. (k) July 31: Paid Barton Corporation the amount due from the June 1 purchase. (1) August 1: Paid the amount due to Allarco Inc. for the June 2 purchase. a) Calculate the net sales for Bentley Inc. during 2014: Net Sales: b) Calculate the cost of goods sold for Bentley Inc. during 2014: Cost of Goods Sold:
The following transactions occured during 2014 for Bentley Inc. which uses a perpetual inventory system : (a) June 1: Bentley Inc.'s merchandise was sold to Zcom Inc. for $9,900 under credit terms of 2/30, n/60, FOB shipping point. The cost of the merchandise was $7,920. (b) June 1: Bentley Inc. purchased merchandise from Barton Corporation for $5,200 under credit terms of n/60, FOB shipping point. (c) June 2: Bentley Inc. purchased merchandise from Southgate Inc. for $6,500 cash, FOB destination. (d) June 2: Bentley Inc. purchased merchandise from Allarco Inc. for $9,700 under credit terms of n/60, FOB destination. (e) June 2: Paid $300 for freight charges for the June 1 purchase of merchandise. (f) June 4: Bentley Inc. sold merchandise that cost $7,600 to Star Inc. for $9,500 under credit terms of 2/30, n/60, FOB shipping point. (g) June 11: Zcom Inc. requested a price reduction on the June 1 sale because the merchandise did not meet specifications. Sent Zcom Inc. a credit memorandum for $1,800 to resolve the issue. (h) June 12: Received a credit memorandum in the amount of $600 acknowledging the return of merchandise purchased from Allarco Inc. on June 2. (i) July 1: Received Zcom Inc.'s payment of the amount due from the June 1 sale. (1) July 4: Received the balance due from Star Inc. for the sale dated June 4. (k) July 31: Paid Barton Corporation the amount due from the June 1 purchase. (1) August 1: Paid the amount due to Allarco Inc. for the June 2 purchase. a) Calculate the net sales for Bentley Inc. during 2014: Net Sales: b) Calculate the cost of goods sold for Bentley Inc. during 2014: Cost of Goods Sold:
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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Transcribed Image Text:The following transactions occured during 2014 for Bentley Inc. which uses a perpetual inventory system:
(a) June 1: Bentley Inc.'s merchandise was sold to Zcom Inc. for $9,900 under credit terms of 2/30, n/60, FOB shipping point. The cost of the merchandise was $7,920.
(b) June 1: Bentley Inc. purchased merchandise from Barton Corporation for $5,200 under credit terms of n/60, FOB shipping point.
(c) June 2: Bentley Inc. purchased merchandise from Southgate Inc. for $6,500 cash, FOB destination.
(d) June 2: Bentley Inc. purchased merchandise from Allarco Inc. for $9,700 under credit terms of n/60, FOB destination.
(e) June 2: Paid $300 for freight charges for the June 1 purchase of merchandise.
(f) June 4: Bentley Inc. sold merchandise that cost $7,600 to Star Inc. for $9,500 under credit terms of 2/30, n/60, FOB shipping point.
(g) June 11: Zcom Inc. requested a price reduction on the June 1 sale because the merchandise did not meet specifications. Sent Zcom Inc. a credit memorandum for
$1,800 to resolve the issue.
(h) June 12: Received a credit memorandum in the amount of $600 acknowledging the return of merchandise purchased from Allarco Inc. on June 2.
(1) July 1: Received Zcom Inc.'s payment of the amount due from the June 1 sale.
(1) July 4: Received the balance due from Star Inc. for the sale dated June 4.
(k) July 31: Paid Barton Corporation the amount due from the June 1 purchase.
(1) August 1: Paid the amount due to Allarco Inc. for the June 2 purchase.
a) Calculate the net sales for Bentley Inc. during 2014:
Net Sales:
b) Calculate the cost of goods sold for Bentley Inc. during 2014:
Cost of Goods Sold:
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