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I'm not sure what method to use so use your best reasoning/sense to figure it out because I have no additional info for this question.
I'm not sure what method to use so use your best reasoning/sense to figure it out because I have no additional info for this question. Thanks.
Jun 3 Question 1 (15 points) On June 1, Grill Master Ltd. had an inventory of 10 barbeques at a cost of $440 each. Grill Master uses a periodic inventory system. During the month of June the following transactions occurred: Purchased 25 barbeques at a cost of $440 each from BBQ King Ltd., terms n30. 5 Paid $200 freight for the barbeques purchased on June 3. Sold 12 barbeques to Outdoor Grill for $760 each, term n/30. The returns estimate was 5%. Received credit from BBQ King for the return of two defective barbeques. Issued a credit to Outdoor Grill for the return of one defective barbeque. 16 Received a credit from BBQ King for the defective barbeque returned by Outdoor Grill. Purchased 10 barbeques from Backyard Barbecues at a cost of $440 each, terms 2/10. n/30. Paid freight of $200 on the June 19 purchase. On June 30, Grill Masters ending inventory was $6,440 6 7 13 19 20 Instructions (a) Prepare journal entries to record the above transactions. (b) Calculate the cost of goods sold for JuneStep by Step Solution
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