Question 28 (of 34) Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3-Ripper Corporation sold inventory on account to Berners Corp. for $483,000, terms 1/10, n/30. This inventory originally cost Ripper $310,000. December Corp. inventory to Ripper Corporation for a credit of $3,700. Ripper this inventory to inventory at its original cost of$2,375. December 12 Berners Corp. paid Ripper Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Ripper Corporation. (If no entry is required for a transactíonlevent, select Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the entry for sale of inventory on account.

Question 28 (of 34) Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3-Ripper Corporation sold inventory on account to Berners Corp. for $483,000, terms 1/10, n/30. This inventory originally cost Ripper $310,000. December Corp. inventory to Ripper Corporation for a credit of $3,700. Ripper this inventory to inventory at its original cost of$2,375. December 12 Berners Corp. paid Ripper Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Ripper Corporation. (If no entry is required for a transactíonlevent, select Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the entry for sale of inventory on account.

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Description: Question 28 (of 34) Two different companies, Ripper and Berners, entered into the following inventory transactions duringDecember. Both companies use a perpetual inventory system. December 3-Ripper Corporation sold inventory on account toBerners Cor

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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35 Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December. Both companies use a perpetual inventory system using the gross method of recording sales discounts. December 3 – Vogel Corporation sold inventory on account to Hatcher Corporation for $488,000, terms 1/10, n/30. This inventory originally cost Vogel $311,000. December 8 – Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,300. Vogel returned this inventory to inventory at its original cost of $2,740. December 12 – Hatcher Corporation paid Vogel Corporation for the amount owed. Required: Prepare the journal entries to record these transactions on the books of Vogel Corporation. What is the amount of net sales to be reported on Vogel Corporation’s income statement? What is the Vogel Corporation’s gross profit percentage? do all 3 parts
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Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,791,255 $4,079,970 Inventories: Beginning of year 773,800 737,300 End of year 839,500 773,800 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Y6 Inventory turnover b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days’ sales in inventory days days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
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Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Υ6 Cost of goods sold $3,739,790 $3,852,940 Inventories: Beginning of year 759,200 722,700 End of year 832,200 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
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