Question
1. Couture Co. has the following items for March: BB INV (100 units @ $12), purchase on March 2 (400 units @ $13), purchase on
1. Couture Co. has the following items for March: BB INV (100 units @ $12), purchase on March 2 (400 units @ $13), purchase on March 10 (300 units @ $14), purchase on March 18 (350 units @ $15), purchase on March 25 (450 units @ $16), sale on March 5 (425 units @ $24), sale on March 15 (250 units @ $24), sale on March 21 (375 units @ $24), sale on March 28 (400 units @ $24). How many units are in the March ending INV?
2. For March, what is the dollar amount of Coutures Cost of Goods Available for Sale?
3. For March, how many units are available for sale?
4. Assume Couture uses a periodic FIFO system. What is the dollar amount of Cost of Goods Sold for March?
5. Assume Couture uses a periodic FIFO system. What is the dollar amount of ending INV for March?
6. Assume Couture uses a perpetual FIFO system. What is the dollar amount of Cost of Goods Sold for March?
7. Assume Couture uses a perpetual FIFO system. What is the dollar amount of ending INV for March?
8. Couture factors $350K of its receivables to Easy Financing without recourse. Easy charges 2.5% for financing and holds back another 3.5% for probable adjustments. In reviewing the journal entry for Couture, what is the 2nd largest dollar amount that is debited? (Name the dollar amount, not the name of the account.)
9. For #8, what is the 3rd largest dollar amount that is debited? (Name the dollar amount, not the name of the account.)
10. For #8, which account is used for the 2nd largest dollar amount? (Name the account, not the dollar amount.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started