At the beginning of July. Fick 3D Corporation has a balance in inventory of $2,850 of 3D printing accessories. The following transactions occur during the month of July. July 3 Purchase inventory on account from Wholesale 3D for $1,750, terms 2/10/20 July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale 30, $120. July 9 Return incorrectly ordered 3D printing accessories to Wholesale 30 and receive credit, $400. July 11 Pay Wholesale 30 in full. July 12 Sell 30 printing accessories to customers on account, $4,700, that had a cost of $2,450. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase 3D printing accessories on account from 3D Supply for $2,55e, terms 2/10, 1/30. July 22 Sell 30 printing accessories to customers for cash, $3,650, that had a cost of $1,950. July 28 Return 30 printing accessories to 30 Supply and receive credit of $190. July 30 Pay 30 Supply in full. Required: 1. Assuming Fick 3D uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of July. 3. Compute the gross profit ratio for the month of July. Complete this question by entering your answers in the tabs below.
At the beginning of July. Fick 3D Corporation has a balance in inventory of $2,850 of 3D printing accessories. The following transactions occur during the month of July. July 3 Purchase inventory on account from Wholesale 3D for $1,750, terms 2/10/20 July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale 30, $120. July 9 Return incorrectly ordered 3D printing accessories to Wholesale 30 and receive credit, $400. July 11 Pay Wholesale 30 in full. July 12 Sell 30 printing accessories to customers on account, $4,700, that had a cost of $2,450. July 15 Receive full payment from customers related to the sale on July 12. July 18 Purchase 3D printing accessories on account from 3D Supply for $2,55e, terms 2/10, 1/30. July 22 Sell 30 printing accessories to customers for cash, $3,650, that had a cost of $1,950. July 28 Return 30 printing accessories to 30 Supply and receive credit of $190. July 30 Pay 30 Supply in full. Required: 1. Assuming Fick 3D uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of July. 3. Compute the gross profit ratio for the month of July. Complete this question by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the beginning of July, Fick 3D Corporation has a balance in inventory of $2,850 of 3D printing accessories. The following
transactions occur during the month of July.
July 3 Purchase inventory on account from Wholesale 30 for $1,750, terms 2/10, "/30.
July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale 30, $120.
July 9 Return incorrectly ordered 3D printing accessories to Wholesale 30 and receive credit, $400.
July 11 Pay Wholesale 3D in full.
July 12 Sell 3D printing accessories to customers on account, $4,700, that had a cost of $2,450.
July 15 Receive full payment from customers related to the sale on July 12.
July 18 Purchase 3D printing accessories on account from 3D Supply for $2,550, terms 2/10, 7/30.
July 22 Sell 3D printing accessories to customers for cash, $3,650, that had a cost of $1,950.
July 28 Return 30 printing accessories to 3D Supply and receive credit of $190.
July 30 Pay 3D Supply in full.
Required:
1. Assuming Fick 3D uses a perpetual inventory system, record the transactions.
2. Prepare the top section of the multiple-step income statement through gross profit for the month of July.
3. Compute the gross profit ratio for the month of July.
Complete this question by entering your answers in the tabs below.
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