In September 2025, Cullumber Corp. commits to selling 155 of its iPhone-compatible docking stations to Ivanhoe Co. for $14,880 ($96 per product). The stations are delivered to Ivanhoe over the next 6 months. After 95 stations are delivered, the contract is modified and Cullumber promises to deliver an additional 40 products for an additional $3,640 ($91 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Cullumber for the sale of the first 95 stations. The cost of each station is $51. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (b) Cash Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts Your answer is correct. 9120 4845 Attempts: unlimited Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Cullumber regularly sells the products separately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (c) Cash Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media Solution List of Accounts Your answer is partially correct. 510 960 510 Assistance Used Assistance Used Attempts: unlimited Prepare the journal entry for the sale of 10 more stations (as in (b)), assuming that the pricing for the additional products does not reflect the standalone selling price of the additional products and the prospective method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, eg. 1,525.25. List all debit entries before credit entries.) Account Titles and Explanation Cash Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Debit 940.00 Credit 940.00

In September 2025, Cullumber Corp. commits to selling 155 of its iPhone-compatible docking stations to Ivanhoe Co. for $14,880 ($96 per product). The stations are delivered to Ivanhoe over the next 6 months. After 95 stations are delivered, the contract is modified and Cullumber promises to deliver an additional 40 products for an additional $3,640 ($91 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Cullumber for the sale of the first 95 stations. The cost of each station is $51. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (b) Cash Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts Your answer is correct. 9120 4845 Attempts: unlimited Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Cullumber regularly sells the products separately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (c) Cash Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media Solution List of Accounts Your answer is partially correct. 510 960 510 Assistance Used Assistance Used Attempts: unlimited Prepare the journal entry for the sale of 10 more stations (as in (b)), assuming that the pricing for the additional products does not reflect the standalone selling price of the additional products and the prospective method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, eg. 1,525.25. List all debit entries before credit entries.) Account Titles and Explanation Cash Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Debit 940.00 Credit 940.00

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3MC: During 2019, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of...

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