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Ivanhoe Wholesalers uses a perpetual inventory system. Mar. Stellar Stores purchases $ 9 , 4 0 0 of merchandise for resale from Ivanhoe Wholesalers, terms
Ivanhoe Wholesalers uses a perpetual inventory system.
Mar.
Stellar Stores purchases $ of merchandise for resale from Ivanhoe Wholesalers, terms n FOB shipping point.
The correct company pays $ for the shipping charges.
Stellar returns $ of the merchandise purchased on March because it was the wrong colour. Ivanhoe gives Stellar a $ credit on its account.
Stellar Stores purchases an additional $ of merchandise for resale from Ivanhoe Wholesalers, terms n FOB destination.
The correct company pays $ for freight charges.
Stellar returns $ of the merchandise purchased on March because it was damaged. Ivanhoe gives Stellar a $ credit on its account.
Stellar paid Ivanhoe the amount owing for the merchandise purchased on March
Stellar paid Ivanhoe the amount owing for the merchandise purchased on March Additional information:
Mar.
Ivanhoe's cost of the merchandise sold to Stellar was $
Ivanhoe's cost of the merchandise returned by Stellar was $ As the merchandise was not damaged, it was returned to Ivanhoe's inventory.
Ivanhoe's cost of the additional merchandise sold to Stellar Stores was $
Ivanhoe's cost of the merchandise returned by Stellar was $ As the merchandise was damaged, it was put in the recycling bin. a
calculate ivanohoe's net sales and cost of goods sold and gross profit for these salesm
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