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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Determining Merchandise to Be Included or Excluded from Ending Inventory The unadjusted inventory balance of Ann Corp. is $600,000 on December 31 based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $600 of merchandise inventory shipped to Ann Corp. from a vendor f.o.b. destination that arrived on January 1 of the following year. b. On December 31, the physical inventory included $21,600 of merchandise inventory held on consignment by a customer. Ann Corp. is the consignor. c. On December 31, the physical inventory included $960 of merchandise held on consignment. The consignor is Ann's largest vendor. d. $21,600 of in-transit merchandise was shipped f.o.b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was shipped on December 28 and is expected to arrive at the customer on December 31. e. Goods are in transit from a…