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how do I figure this out During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was
how do I figure this out
During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,100 from Green with terms 3/12, n/45. 6 Purchased goods from Munoz for $750 with terms 2.5/12, n/45. 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $250 from Reynolds with terms n/45. Required: Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28 Cost of Inventory During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: Jan. 6 Sold goods for $140 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $72. 8 Sold goods to Spyder Corp. for $86 with terms 3/10, n/30. The goods cost Solitare $62. 14 Collected cash for the amount due from Wizard Inc. Feb. 28 Collected cash for the amount due from Spyder Corp. Required: Compute the total revenue Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Total Revenue July 12 Rockland sold merchandise to Kristina Zee at its factory store. Kristina paid for the $755 purchase in cash. The goods cost Rockland $445. 15 Sold merchandise to Shoe Express at a selling price of $9,000, with terms n/30. Rockland's cost was $6,100. 23 Shoe Express returned $2,900 of the shoes purchased July 15. The returned shoes were in perfect condition and had cost Rockland $1,550. 31 Shoe Express paid the balance owing after July 15 and 23. * July 12 July 15 July 23 July 31 Totals Transaction Sales Revenue (gross) Sales Returns Net Sales Cost of Goods Sold ces Gross Profit
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