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6. Merchandise with an invoice price of $8,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by
6. Merchandise with an invoice price of $8,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totalled $500. Journalize the transaction. NET METHOD, PERIODIC SYSTEM What date should the invoice be paid to take the discount? How much is the discount? How much should be paid if paid within the discount period.? 7. Compute for the COMS, Gross Profit and Net Income Purchases Merchandise inventory Administrative expense00 Rent revenue 35,000Selling expense 15,700Merchandise inventory 8,3 September 30 1,20 interest expense A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight-In, $650: Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330. Ending inventory at the end of year, $4,670. What is the cost of merchandise purchased after returns and discounts? 8. 1. Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system, determine the gross profit to be reported on the income statement for the year ended March 31 Merchandise inventory, April Merchandise inventory, March 31 S 193,250 180,1 Purchases Purchases returns and allowances Purchases discounts Sales Freight-in 18,5 1,860,000 I. Journalize the following transactions for Armour Inc. using both the periodic inventory system and the perpetual inventory system, presented in the side-by-side format of the form provided below. Sold $1,200 of merchandise on credit to Rondo Distributors, terms n/30; the cost of the merchandise was S720. Oct.7 Oct. 8 Purchased merchandise, $10,000; terms FOB shipping point and 2/15, n/30; with prepaid freight charges of $525 added to the invoice
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