7.) The following data pertain to Home Office Company for the year ended December 31, 2017 (8) Sales (25% were cash sales) during the year $1,100,600 690,300 319,800 738,200 Cost of goods sold during the year Beginning inventory Purchages (10% were cash purchases) during the year a. Prepare journal entries to record sales, cost of goods sold, and the purchase of inventory during 2017 using the perpetual inventory system. b. Compute the balance in the inventory account on December 31, 2017.
7.) The following data pertain to Home Office Company for the year ended December 31, 2017 (8) Sales (25% were cash sales) during the year $1,100,600 690,300 319,800 738,200 Cost of goods sold during the year Beginning inventory Purchages (10% were cash purchases) during the year a. Prepare journal entries to record sales, cost of goods sold, and the purchase of inventory during 2017 using the perpetual inventory system. b. Compute the balance in the inventory account on December 31, 2017.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...
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Transcribed Image Text:7.) The following data pertain to Home Office Company for the year ended December 31, 2017 (8)
Sales (25% were cash sales) during the year
$1,100,600
690,300
319,800
738,200
Cost of goods sold during the year
Beginning inventory
Purchages (10% were cash purchases) during the year
a. Prepare journal entries to record sales, cost of goods sold, and the purchase of inventory during 2017
using the perpetual inventory system.
b.
Compute the balance in the inventory account on December 31, 2017.
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