eginning following transactions occur during the month of November. a cost per 95. November 2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $300. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $13,900. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 69 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 90 units of inventory to customers for cash, $9,000. ired: suming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the
eginning following transactions occur during the month of November. a cost per 95. November 2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $300. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $13,900. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 69 units of inventory from Toad Inc. for $105 per unit, terms 1/10, n/30. November 24 Sell 90 units of inventory to customers for cash, $9,000. ired: suming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10AMCP
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