Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter: October 3 Purchased 45 pairs of shoes at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. November 30 A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse. December 4 Purchased 75 pairs of shoes at a total cost of $213,750. December 15 5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description. December 30 Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400. All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory. Required: 1. You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the: Periodic inventory system
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:
|
October 3 |
Purchased 45 pairs of shoes at a cost of $1,900 each. |
|
October 15 |
Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 |
|
October 26 |
Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. |
|
November 10 |
Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. |
|
November 14 |
Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. |
|
November 24 |
Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each. |
|
November 30 |
A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse. |
|
December 4 |
Purchased 75 pairs of shoes at a total cost of $213,750. |
|
December 15 |
5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description. |
|
December 30 |
Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400. |
All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory.
Required:
1. You are told that 15 of the units sold on November 24, 2013 were on account. State the
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