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Culver Ltd . distributes olive oil to grocery stores and restaurants. At the end of October, Culver's inventory consists of 1 4 0 one -

Culver Ltd. distributes olive oil to grocery stores and restaurants. At the end of October, Culver's inventory consists of 140 one-litre
bottles of olive oil purchased at $13 per litre. Culver uses a perpetual inventory system. Return rates in food industry are moderate,
with Culver experiencing a 5% return rate historically.
During the month of November, the following merchandise transactions occurred:
November 2 Sold 100 one-litre bottles of olive oil on account to Eatalia Grocery for $30 each, with an average cost of $13.
4 Purchased 230 bottles of olive oil for $11 each from Ambrosia Oleum, terms n/30.
8 Purchased 230 bottles on account for $12 each from EVOO, terms n/30.
10 Granted Eatalia a $150 credit for five bottles of olive oil returned to Culver. The bottles were restored to
inventory.
13 Received a $120 credit for 10 bottles of olive oil returned to EVOO.
14 Sold 35 bottles of olive oil on account to Mezes Restaurant for $40 each, with an average cost of $12, terms
n30.
16 Issued a $120 credit memorandum to Eatalia Grocery for the return of four bottles of olive oil. The bottles were
not returned to inventory as it was past the best before date.
18 Received payment in full from Eatalia Grocery.
24 Paid EVOO in full.
26 Received payment in full from Mezes.
30 Sold 45 bottles to La Bodega Grocery for $30 each, with an average cost of $12, terms n/30.Record the November transactions. (List all debit entries before credit entries. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for the amounts. Round your
answers to 0 decimal places, e.g.5,275. Record journal entries in the order presented in the
problem.)
(To record sales)
(To record cost of goods sold)
(To record sales return)
(To record cost of inventory returned)
(To record sales)
(To record cost of goods sold)
(To record sales return)
(To record cost of goods sold)
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