Campus Stop, Inc. is a student co-op. Campus Stop uses a perpetual inventory system
Campus Stop, Inc. is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis
a. Sold merchandise for cash (cost of merchandise $147.990). $266,200
b. Received merchandise returned by customers an unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $740). 1,690
c. Sold merchandise (costing $7,200) to a customer on account with term n/30. 16,000
d. Collected half of the balance owed by the customer in (c). 8,000
e. Granted a partial allowance relating to credit sales the customer in (e) had not yet paid. 1,720
Required:
1. Compute Net Sales and Gross Profit for Campus Stop
Homework Answers
| 1 | ||
| Gross sales | 282200 | =266200+16000 |
| Less: Sales return and allowance | 3410 | =1690+1720 |
| Net sales | 278790 | |
| Net sales | 278790 | |
| Less: Cost of goods sold | 154450 | =147990-740+7200 |
| Gross Profit | 124340 |
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Campus Stop, Inc. is a student co-op. Campus Stop uses a perpetual inventory system
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: points $294,300 eBook a. Sold merchandise for cash (cost of merchandise $160,750). b. Received merchandise returned...
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
a.
Sold merchandise for cash (cost of merchandise $152,070).
$
275,000
b.
Received merchandise returned by customers as unsatisfactory
(but in perfect condition) for cash refund (original cost of
merchandise $800).
1,600
c.
Sold merchandise (costing $9,000) to a customer on account with
terms n/30.
20,000
d.
Collected half of the balance owed by the customer in...
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Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: points $294,300 eBook a. Sold merchandise for cash (cost of merchandise $160,750). b. Received merchandise returned...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
a.
Sold merchandise for cash (cost of merchandise $152,070).
$
275,000
b.
Received merchandise returned by customers as unsatisfactory
(but in perfect condition) for cash refund (original cost of
merchandise $800).
1,600
c.
Sold merchandise (costing $9,000) to a customer on account with
terms n/30.
20,000
d.
Collected half of the balance owed by the customer in...
board MyCourses CCSU-Blackboard L. Central Pipeline Mal. Marques, Carolina L. (Studex Correct Ch 2 Solved: Ch. 6 Saved Help Save & Exit Check me (The following information applies to the questions displayed below.) Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $276,700 a. Sold merchandise for cash (cost of merchandise $152,590). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash...
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $63,200 a. Sold merchandise for cash (cost of merchandise $34,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $450 ). c. Sold merchandise (costing $6,175 ) to a customer on account with terms...
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Required information [The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with terms...
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Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandi se for cash (cost of merchandi se $224, 350). b. Received merchandi se returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $1, 900). Sold merchandi se (costing $3, 000) to a customer on account with terms n/30. d. Collected half of the balance owed by...
[The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 900 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with terms n/60....
Find the net sales and gross profit
Required information [The following information applies to the questions displayed below.] Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $ 755,000 a. Sold merchandise for cash (cost of merchandise $361,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) cash refund (original cost of merchandise $5,300). c. Sold merchandise (costing $11,160) to a customer...
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