exercise PR5-4A Financial &Managerial Accounting Edition 15

Flowers per Joint Harvest Proportion Costs Allocation Joint Product Tulip Lily Daisy Totals received the largest portion of the joint costs. Flowers Weighted Weighted per Weight Flowers Percent of Joint Factor of Water Water Costs Allocation Joint Product Harvest Tulip Lily Daisy Totals received the largest portion of the joint costs. [Key essay answer here]Aug. 20. Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. 31. Beartooth Co. paid Summit Company on account for purchase of August 5. 31. Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500. Instructions Journalize the August transactions for (1) Summit Company and (2) Beartooth Co.PR 5-4A Sales and purchase-related transactions for seller and buyer using perpetual inventory system Obj. 2 The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16. Beartooth Co. paid Summit Company for purchase of August 1. (Continued)