Homework Answers
(1) $1083
Sales units = 220 + 130 + 130 - 190 = 290 units
Sales = 290 * $8 = $2320
Cost of goods sold = $880 + (70 * $5.1) = $1237
Gross profit = $2320 - $1237 = $1083
(2) 60.8 days
Average inventory = ($90,000 + $110,000) / 2 = $100,000
Cost of goods sold(COGS) = $600,000
Inventory turnover ratio = COGS / Avg inventory = $600,000 / $100,000 = 6
Days in inventory = 365 / 6 = 60.8 days.
(3) Debit Accounts payable $5200
Credit Inventory $5200
(4) Debit Cash $5247
Debit Sales Discounts $53
Credit Accounts receivable $5300
(5) Credit to accounts receivable for $5586
(5700 - [5700 * 2%]) = 5700 - 114 = $5586
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