Required: (A) Prepare a perpetual inventory record for this merchandise, using the first in, first out (FIFO) method of inventory valuation to determine SOUND CORE's cost of goods sold for the quarter and the value of ending. (B) Given that selling, distribution and administrative costs associated with the TOZO T6 brand of earbuds for the quarter were $42,844, $38,120 and $157,076 respectively, prepare an income statement for SOÚND CORE WIRELESS (TOZO T6) for the quarter ended December 31, 2021. (C) Journalize the transactions for the month of October, assuming the company uses a: Periodic inventory system Perpetual inventory system The West Indies School Book Shop sells T Shirts emblazoned with the school's name and logo. The shirts cost $2,000 each and management estimates that 900 T Shirts will be sold during each month of the year. The annual holding cost for a unit of that inventory is estimated to be 1.5% of the purchase price. It costs the Book Shop $500 to place a single order. (D) The meximum colo for the Rook Shon for ony ono wwook ie 200 chirte ond minimum colos 150
Required: (A) Prepare a perpetual inventory record for this merchandise, using the first in, first out (FIFO) method of inventory valuation to determine SOUND CORE's cost of goods sold for the quarter and the value of ending. (B) Given that selling, distribution and administrative costs associated with the TOZO T6 brand of earbuds for the quarter were $42,844, $38,120 and $157,076 respectively, prepare an income statement for SOÚND CORE WIRELESS (TOZO T6) for the quarter ended December 31, 2021. (C) Journalize the transactions for the month of October, assuming the company uses a: Periodic inventory system Perpetual inventory system The West Indies School Book Shop sells T Shirts emblazoned with the school's name and logo. The shirts cost $2,000 each and management estimates that 900 T Shirts will be sold during each month of the year. The annual holding cost for a unit of that inventory is estimated to be 1.5% of the purchase price. It costs the Book Shop $500 to place a single order. (D) The meximum colo for the Rook Shon for ony ono wwook ie 200 chirte ond minimum colos 150
Chapter7: Budgeting
Section: Chapter Questions
Problem 11EA: Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the...
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