i) Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory on December 31, 2013, and the total amount to be assigned to the cost of goods sold for the period. ii) Calculate the gross profit for the period. iii) 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 -Perpetual inventory system.
i) Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory on December 31, 2013, and the total amount to be assigned to the cost of goods sold for the period. ii) Calculate the gross profit for the period. iii) 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 -Perpetual inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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i) Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory on December 31, 2013, and the total amount to be assigned to the cost of goods sold for the period.
ii) Calculate the gross profit for the period.
iii) You are told that 15 of the units sold on November 24, 2013, were on account. State the
-Periodic inventory system
-Perpetual inventory system.
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