Question 6 Accounting records for Big Steer Tire Ltd. yield the following data for the year ended December 31, 2022 (amounts in thousands): Inventory, December 31, 2021 550 Purchases of inventory (on account) 1,200 2,000 Sales of inventory-80% on account; 20% for cash (cost $900) Sales returns - all on account (cost 45) 10 850 Inventory at FIFO cost, December 31, 2022 Required 1. Journalize Big Steer Tire's inventory transactions for the year under the perpetual system. Show all amounts in thousands. 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands).
Question 6 Accounting records for Big Steer Tire Ltd. yield the following data for the year ended December 31, 2022 (amounts in thousands): Inventory, December 31, 2021 550 Purchases of inventory (on account) 1,200 2,000 Sales of inventory-80% on account; 20% for cash (cost $900) Sales returns - all on account (cost 45) 10 850 Inventory at FIFO cost, December 31, 2022 Required 1. Journalize Big Steer Tire's inventory transactions for the year under the perpetual system. Show all amounts in thousands. 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement (amounts in thousands).
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 8PEA: Financial statement data for years ending December 31 for Holland Company follow: a. Determine the...
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