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Grouper Shoe Sales has a January 31 fiscal year-end. At the start of the year, Grouper had 240 pairs of shoes in its Inventory
Grouper Shoe Sales has a January 31 fiscal year-end. At the start of the year, Grouper had 240 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest inventory is sold first. Grouper uses a perpetual inventory system and estimates returns of 5% on all sales. During the month of February 2025, the following transactions took place: Feb. 4 11 Purchased 960 pairs for $20 each from Monty Corp. on account, terms n/30. Returned 96 pairs to Monty for $1.920 credit because the shoes were the wrong size. 13 Sold 240 pairs for $90 each to Shoes for Kids, terms n/30. 18 Granted credit of $900 to Shoes for Kids for the return of 10 pairs that were the wrong colour. The shoes were restored to inventory. 26 Paid Monty the amount owing 28 Received payment in full from the Shoes for Kids. Record the February transactions. (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 O for the amounts. List all debit entries before credit entries. Round Cost of goods sold and inventory return answers to 2 decimal places, eg. 1252.50)
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