Hasham purchases inventory from overseas and incurs the following costs: the merchandise cost is $80,000, credit...
Hasham purchases inventory from overseas and incurs the following costs: the merchandise cost is $80,000, credit terms 1/10, n/30, applicable only to the $80,000; FOB shipping point freight charges are $2,500; insurance during transit is $300; and import duties are $1,500. Hasham paid within the discount period. Compute the cost that should be assigned to the inventory.
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Hasham purchases inventory from overseas and incurs the
following costs: the merchandise cost is $80,000, credit...
Northwest Fur Co started 2021 with $111000 of merchandise inventory on hand. During 2021 $480,000 in...
Northwest Fur Co started 2021 with $111000 of merchandise inventory on hand. During 2021 $480,000 in merchandise was purchased on account with credit terms ol2/15, 1:45. All discounts were taken. Purchases were all made fob shipping point. Northwest paid freight charges of $8.00 Merchandise with an invoice amount of $300 was returned to credit cost of goods sold for the year was $376,000. Northwest uses a perpetual inventory system Assuming Northwest uses the gross method to record purchases, what is...
which of the above costs would be included in merchandise inventory a. Purchase price b. Insurance...
which of the above costs would be included in merchandise
inventory
a. Purchase price b. Insurance in transit FOB shipping point c. Freight for delivery FOB shipping point d. Repair due to negligence of receiving clerk e. Receiving Department employee salary f. Cost of processing purchase orders Which of the above costs would be included in merchandise inventory?
Problem 2. Merchandising General Journal Entries (30 points) epare general journal entries to record the following...
Problem 2. Merchandising General Journal Entries (30 points) epare general journal entries to record the following merchandising transactions of Margin Company, which applies the perpetual inventory system and the gross method of recording invoices. Margin Company offers all of its credit customers credit terms of 2/10, n/30. May 2] Purchased May 1 P urchased merchandise from Craft Company for $7,800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated May 1. Purchased merchandise from Bow Company for $10,600...
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
Prepare journal entries to record the following merchandising transactions of Margin Company which applies the perpetual...
Prepare journal entries to record the following merchandising transactions of Margin Company which applies the perpetual inventory system and the gross method of recording invoices. Margin Company offers all of its credit customers credit terms of 2/10,n/30. May 1 Purchased merchandise from Craft Company for $7,800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated May 1. May 2 Purchased merchandise from Bow Company for $10,600 under credit terms 2/05. n/20, FOB destination May 3 Sold merchandise to...
Please help me answer those questions. Thank you! July 1 Purchased merchandise from Boden Company for...
Please
help me answer those questions. Thank you!
July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $558. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,000 for $2,400 cash. 9...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
Need help preparing journal entries. 2 Sold merchandise to Creek Co. for $950 under credit terms...
Need help preparing journal entries. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $550. 3 Paid $140 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,900 for $2,300 cash. 9 Purchased merchandise from Leight Co. for $2,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Returned $400 of merchandise purchased...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
Northwest Fur Co started 2021 with $111000 of merchandise inventory on hand. During 2021 $480,000 in merchandise was purchased on account with credit terms ol2/15, 1:45. All discounts were taken. Purchases were all made fob shipping point. Northwest paid freight charges of $8.00 Merchandise with an invoice amount of $300 was returned to credit cost of goods sold for the year was $376,000. Northwest uses a perpetual inventory system Assuming Northwest uses the gross method to record purchases, what is...
which of the above costs would be included in merchandise
inventory
a. Purchase price b. Insurance in transit FOB shipping point c. Freight for delivery FOB shipping point d. Repair due to negligence of receiving clerk e. Receiving Department employee salary f. Cost of processing purchase orders Which of the above costs would be included in merchandise inventory?
Problem 2. Merchandising General Journal Entries (30 points) epare general journal entries to record the following merchandising transactions of Margin Company, which applies the perpetual inventory system and the gross method of recording invoices. Margin Company offers all of its credit customers credit terms of 2/10, n/30. May 2] Purchased May 1 P urchased merchandise from Craft Company for $7,800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated May 1. Purchased merchandise from Bow Company for $10,600...
Prepare journal entries to record the following merchandising transactions of Margin Company which applies the perpetual inventory system and the gross method of recording invoices. Margin Company offers all of its credit customers credit terms of 2/10,n/30. May 1 Purchased merchandise from Craft Company for $7,800 under credit terms of 1/10, n/30, FOB shipping point, invoice dated May 1. May 2 Purchased merchandise from Bow Company for $10,600 under credit terms 2/05. n/20, FOB destination May 3 Sold merchandise to...
Please
help me answer those questions. Thank you!
July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $558. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,000 for $2,400 cash. 9...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
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