The following transactions occured during 2014 for Northstar Corp which uses a perpetual inventory system (a) January 1: Northstar Corp's merchandise was sold to X-cell Inc. for $9,100 under credit terms of 2/30 n/90, FOB shipping point. The cost of the merchandise was $7.280 (b) January 1: Northstar Corp purchased merchandise from Oppong Corporation for $8.100 under credit terms of n/60, FOB destination (c) January 6. Northstar Corp 's merchandise was sold to Barton Corporation for $6,800 under credit terms of 2/10, n/60, FOB shipping point. The cost of the merchandise was $5.440 (d) January 6 Northstar Corp purchased merchandise on credit from Southgate Inc. terms n/60 $7.600 FOB shipping point (e) January 7. Paid $100 shipping charges related to the January 6 purchase of merchandise (1) January 9 Received a credit memorandum in the amount of $700 acknowledging the return of merchandise purchased from Southgate Inc. on January 6 (9) January 16 Barton Corporation requested a price reduction on the January 6 sale because the merchandise did not meet specifications Sent Barton Corporation a credit memorandu for $1,200 to resolve the issue. (h) January 16 Received the balance due from Barton Corporation for the sale dated January 6. (1) January 19 Northstar Corp purchased merchandise from Dylex Corporation for $5.500 cash, FOB destination. (1) March 2 Paid Oppong Corporation the amount due from the January 1 purchase. (k) March 7 Paid the amount due to Southgate Inc. for the January 6 purchase (1) April 1. Received X-cell Inc.'s payment of the amount due from the January 1 sale. a) Calculate the net sales for Northstar Corp during 2014: Net Sales b) Calculate the cost of goods sold for Northstar Corp during 2014
The following transactions occured during 2014 for Northstar Corp which uses a perpetual inventory system (a) January 1: Northstar Corp's merchandise was sold to X-cell Inc. for $9,100 under credit terms of 2/30 n/90, FOB shipping point. The cost of the merchandise was $7.280 (b) January 1: Northstar Corp purchased merchandise from Oppong Corporation for $8.100 under credit terms of n/60, FOB destination (c) January 6. Northstar Corp 's merchandise was sold to Barton Corporation for $6,800 under credit terms of 2/10, n/60, FOB shipping point. The cost of the merchandise was $5.440 (d) January 6 Northstar Corp purchased merchandise on credit from Southgate Inc. terms n/60 $7.600 FOB shipping point (e) January 7. Paid $100 shipping charges related to the January 6 purchase of merchandise (1) January 9 Received a credit memorandum in the amount of $700 acknowledging the return of merchandise purchased from Southgate Inc. on January 6 (9) January 16 Barton Corporation requested a price reduction on the January 6 sale because the merchandise did not meet specifications Sent Barton Corporation a credit memorandu for $1,200 to resolve the issue. (h) January 16 Received the balance due from Barton Corporation for the sale dated January 6. (1) January 19 Northstar Corp purchased merchandise from Dylex Corporation for $5.500 cash, FOB destination. (1) March 2 Paid Oppong Corporation the amount due from the January 1 purchase. (k) March 7 Paid the amount due to Southgate Inc. for the January 6 purchase (1) April 1. Received X-cell Inc.'s payment of the amount due from the January 1 sale. a) Calculate the net sales for Northstar Corp during 2014: Net Sales b) Calculate the cost of goods sold for Northstar Corp during 2014
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following transactions occured during 2014 for Northstar Corp which uses a perpetual inventory system
(a) January 1: Northstar Corp.'s merchandise was sold to X-cell Inc. for $9,100 under credit terms of 2/30 n/90, FOB shipping point. The cost of the merchandise was $7.280
(b) January 1: Northstar Corp. purchased merchandise from Oppong Corporation for $8. 100 under credit terms of n/60, FOB destination
(c) January 6. Northstar Corp 's merchandise was sold to Barton Corporation for $6,800 under credit terms of 2/10, n/60, FOB shipping point. The cost of the merchandise was $5.440
(d) January 6 Northstar Corp purchased merchandise on credit from Southgate Inc. terms n/60 $7,600, FOB shipping point
(e) January 7. Paid $100 shipping charges related to the January 6 purchase of merchandise
(f) January 9 Received a credit memorandum in the amount of $700 acknowledging the return of merchandise purchased from Southgate Inc on January 6
(9) January 16 Barton Corporation requested a price reduction on the January 6 sale because the merchandise did not meet specifications Sent Barton Corporation a credit memorandum
for $1 200 to resolve the issue.
(h) January 16 Received the balance due from Barton Corporation for the sale dated January 6,
(0) January 19 Northstar Corp purchased merchandise from Dylex Corporation for $5,500 cash., FOB destination.
(1) March 2 Paid Oppong Corporation the amount due from the January 1 purchase.
(k) March 7 Paid the amount due to Southgate Inc. for the January 6 purchase
(1) April 1. Received X-cell Inc.'s payment of the amount due from the January 1 sale.
a) Calculate the net sales for Northstar Corp during 2014
Net Sales
b) Calculate the cost of goods sold for Northstar Corp during 2014;
Cost of Goods Sold
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