Fritz Co. uses the perpetual inventory system. The company purchased $19,000 of merchandise from Baker Co....
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Fritz Co. uses the perpetual inventory system. The company purchased $19,000 of merchandise from Baker Co. Fritz also paid $550 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $25,450 cash. The amount of gross margin for this merchandise is:
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Homework Answers
Cost of goods sold = Purchase+Freight in = 19000+550 = 19550
Gross margin = Sales-Cost of goods sold = 25450-19550 = 5900
So answer is b) $5900
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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory...
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The following selected transactions were completed by Betz
Company during July of the current year. Betz Company uses the net
method under a perpetual inventory system.July1Purchased merchandise from Sabol Imports Co., $20,500, terms
FOB destination, n/30.3Purchased merchandise from Saxon Co., $12,000, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $75 was added to
the invoice.5Purchased merchandise from Schnee Co., $8,000, terms FOB
destination, 2/10, n/30.6Issued debit memo to Schnee Co. for merchandise with an invoice
amount of $1,500 returned...
a connect Prepare journal entries perpetual inventory system and the gross method. (Hint: It will help to identify each ree able; for example, record the purchase on July 1 in Accounts Payable Boden) July Purchased merchandise from Boden Company for $6.000 under cr to record the following merchandising transactions of Cabela's which uses the PR Pr credit terms of 1/15, n/30. Pre FOB shipping point, invoice dated July I 2 merchandisto Creek Co. for $900 under credit terms of 2/10....
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