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At the beginning of October, Bowser Company's inventory consists of 59 units with a cost per unit of $41. The following transactions occur during the
At the beginning of October, Bowser Company's inventory consists of 59 units with a cost per unit of $41. The following transactions occur during the month of October. October 4 Purchase 121 units of inventory on account from Waluigi Company for $50 per unit, terms 2/10, n/30. October 5 Pay cash for freight charges related to the October 4 purchase, $530. October 9 Return 15 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Company in full. October 15 Sell 151 units of inventory to customers on account, $12,080. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit.) October 19 Receive full payment from customers related to the sale on october 15. Required: Assuming Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. Complete this question by entering your answers in the tabs below. Assuming Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 3 4 5 6 7 > Record purchase 121 units of inventory on account from Waluigi Company for $50 per unit, terms 2/10,n/30. Note: Enter debits before credits
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