1.
For Cutler Company, beginning inventory is $15,000, cost of goods purchased is $90,000, and ending inventory is $20,000. What is cost of goods sold?
2.
Jordan Corporation sold goods to Howard Company for $5,000, terms 2/10, n/30, on September 10. On September 13, Howard returned goods costing $400. On September 18, Jordan received payment from Howard. On September 18, Jordan should debit Cash for
Homework Answers
1) Beginning Inventory = $15,000
Add: Cost of goods purchased = $90,000
Less: Ending Inventory = $20,000
Cost of goods sold = $85,000.
2) Sales = $5000
Goods returned = $400
Net sales = $4,600
Received payment on September 18, is well within the discount period. so discount is provided.
$4,600 * (100% - 2%) = $4,508
Payment received from Howard = $4,508
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