College Coasters is a San Diego - based merchandiser specializing in logo - adorned drink coasters. The
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Question:
College Coasters is a San Diegobased merchandiser specializing in logoadorned drink coasters. The company reported the following balances in its unadjusted trial balance at December
inventory using perpetual inventory accounts and the FIFO cost flow method.
During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.
a Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of
b Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of
c Sold coasters on account on at a unit price of $
d Collected $ from customers on account on
g Loaded coasters on a cargo ship on to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n
Other relevant information includes the following at :
h College Coasters has not yet recorded $ of office expenses incurred in December on account.
i The company estimates that the equipment depreciates at a rate of $ per month. One month of depreciation needs to be recorded.
Wages for the period from December are $ and will be paid on January
The $ of Prepaid Rent relates to a sixmonth period ending on May of next year.
l The company incurred $ of income tax but has made no tax payments this year.
No shrinkage or damage was discovered when the inventory was counted on December
The company did not declare dividends and there were no transactions involving common stock.
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