In September 2025, Ivanhoe Corp. commits to selling 146 of its iPhone-compatible docking stations to Kingbird Co. for $15,330 ($105 per product). The stations are delivered to Kingbird over the next 6 months. After 89 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 43 products for an additional $4,300 ($100 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Ivanhoe for the sale of the first 89 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 Cash Debit 9345 Credit (b) 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. 4539 9345 4539 Attempts: 1 of 3 used 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 Ivanhoe 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 Cash Debit Credit 1050 (c) Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts 510 1050 510 Attempts: 2 of 3 used 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, e.g. 1,525.25. List all debit entries before credit entries.) Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit

In September 2025, Ivanhoe Corp. commits to selling 146 of its iPhone-compatible docking stations to Kingbird Co. for $15,330 ($105 per product). The stations are delivered to Kingbird over the next 6 months. After 89 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 43 products for an additional $4,300 ($100 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Ivanhoe for the sale of the first 89 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 Cash Debit 9345 Credit (b) 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. 4539 9345 4539 Attempts: 1 of 3 used 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 Ivanhoe 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 Cash Debit Credit 1050 (c) Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts 510 1050 510 Attempts: 2 of 3 used 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, e.g. 1,525.25. List all debit entries before credit entries.) Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit

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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