Question no.4Cullumber Music Company sells three principal types of musical instruments, with varying Gross Profits Margin.Cullumber's Music company does not maintain any perpetual inventory record and has determined the year-endinventory by taking a complete physical count. Assume you are working as an accountant for Cullumber MusicCompany and you are provided with the following data arranged randomly.HarpsViolinsCellosSales Revenue362,700184,140295,120HarpsViolinsCellosInventory, Jan. 1, 2017$248,000$148,800$186,000Purchases to May 9, 2017186,00062,00093,000Cost of Goods Available for Sale434,000210,800279,000Cost of goods sold279,000136,400210,800Inventory, December 31, 2017155,00074,40068,200Instructions1. Prepare Journal Entries to close the ending inventory and cost of goods sold account.2. You are asked to evaluate the performance of each musical instrument that Cullumber Music sells through grossprofit margin.AnswerPart .1DateAccount Title and ExplanationDrCrPart .2Cullumber Music CompanyHarpsViolinsCellosEntire Company

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Description: Question no.4Cullumber Music Company sells three principal types of musical instruments, with varying Gross Profits Margin.Cullumber's Music company does not maintain any perpetual inventory record and has determined the year-endinventory by taking

Cost of Goods Sold = Beginning inventory + purchases during the period – ending inventory

Business

Accounting

1. Prepare Journal Entries to close the ending inventory and cost of goods sold account. 2. You are asked to evaluate the performance of each musical instrument that Cullumber Music sells through gross profit margin.

1. Prepare Journal Entries to close the ending inventory and cost of goods sold account. 2. You are asked to evaluate the performance of each musical instrument that Cullumber Music sells through gross profit margin.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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