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i need help on question 8 and all its part thank you. 8. Ammad Corporation sells cell phones at their location in downtown Toronto. Use
i need help on question 8 and all its part thank you.
8. Ammad Corporation sells cell phones at their location in downtown Toronto. Use CURRENT and PROPOSED GAAPs for the following transactions. a. They recently bought 100 iphones @ $200 from APPLE on account. Record the transaction. b. There was a freight charge of $250 that Ammad Co. must pay to Back Co. Record the transaction. C. After a few days, they found out that 3 iphones were not functioning properly. So, they had to return them to APPLE. Record the transaction. d. The company bought another 100 iphones @210 from APPLE on account. The freight cost of $250 was paid. Record the 2 transactions. e. After a few weeks the company did not return any iphones to APPLE from the last transaction. f. By the end of the year, the company has sold 190 iphones. Using FIFO, calculate the value of the inventory and COGS. Show all your calculationsStep by Step Solution
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