JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 O D. $2,396

JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 O D. $2,396

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Perform the following exercise using the Perpetual Inventory methods with their respective entries, T's of greatest and calculation of gross profit 1. We start business with the following values Box $300,000 Warehouse $600,000 Furniture $230,000 2. When selling merchandise for $500,000 in cash, we grant a discount of $50, 000, the cost of the sale is $300,000. 3. When purchasing merchandise for $600,000 paid by check, we are granted a discount of $30,000 4. Previous purchases caused shipping costs of $15,000 that were owed 5. They returned merchandise with a cost of $100,000 that we had sold for $150,000 for this same amount we gave merchandise with a cost of $110,000 6. We returned merchandise for $40,000 and they gave us merchandise for this same amount 7. Make the corresponding adjustment and transfer entries.
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Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to $200,000. The net sales for the current period amounted to $150,000. What is the estimated value of the ending inventory at cost using the retail method? Show your work.
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Bisson Corp unes a perpetual inventory system. The company had the following inventory transactions in Apr Purchased merchandise from Groupe Lad for $28.560, terma n/30 Fl shipping point The appropriate company paid freight costs of $714 on the merchandine purchased on April 3 7 Purchased supplies on account for $5.100 Apr 3 30 1. 2 3 Returned merchandise to Grouper and received a credit of $3.570 The merchandise was returned to inventory for future rese Paid the amount due to Grouperin ful Additional information: The cost of the merchandise sold on Aprit 3 was $19.380. Grouper expected a return rate of 15% The cost of the merchandise returned on April was $2.346 Grouper uses a perpetual inventory system Record the transactions in the books of Grouper Lht all debit entries before credit entries. Cet account des ant automatically indented when the amount is entered De not indent manually if ne entry is requirest, select "No Entry for the account titles and enter Ofor the amounts econd…
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Multiple Choice O O $6,560 $3,780 $2,780 Activities $3,660 Units Acquired at Cost 182 units @ $10 = $1,820 252 units @ $12 = $3,024 132 units @ $13 = $1,716
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