Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale.

image text in transcribed
image text in transcribed
For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) Required 0. Jill's Dress Shop had a beginning balance in its inventory account of $42,500. During the accounting period, Jill's purchased $82,500 of inventory, returned $5,500 of inventory, and obtained $800 of purchases discounts, Jill's incurred $1,100 of transportation-in cost and $650 of transportation-out cost. Salaries of sales personnel amounted to $33,500. Administrative expenses amounted to $38,100. Cost of goods soid amounted to $87,300 b. Ken's Bait Shop had a beginning balance in its inventory account of $9,000. During the accounting period, Ken's purchased $40,900 of inventory, obtained $1,300 of purchases allowances, and recelved $410 of purchases discounts. Sales discounts amounted to $690. Ken's incurred $1,000 of transpoitation-in cost and $310 of transportation-out cost Selling and administrative cost amounted to $12,800. Cost of goods sold amounted to $34,900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions