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I just need help with #4. Thanks. College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances
I just need help with #4. Thanks.
College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 . The company buys coasters from one supplier All amounts in Accounts Payable on December 1 are owed to that supplier The inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. a. Purchased 500 coasters on account from the regular suppliet on 121 at a unit cost of $0.52, with terms of n/60. b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60. c. Sold 1700 coasters on account on 12/3 at a unit price of $110 d. Collected $940 from customers on account on 12/4 e. Paid the supplier $1,280 cash on account on 12/18 fPaid employees $490 on 12/23, of which $250 related to work done in November and $240 was for wages up to December 22 9 Loaded 90 cossters on a cargo ship on 12/31 to be delivered the foliowing week to a customer in Kona, Hawail. The sale was made FOB destination with terms of n/60 Journal entry worksheet Step by Step Solution
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