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Marigold Ltd . distributes olive oil to grocery stores and restaurants. At the end of October, Marigold's inventory consists of 1 5 5 one -
Marigold Ltd distributes olive oil to grocery stores and restaurants. At the end of October, Marigold's inventory consists of onelitre bottles of olive oil purchased at $ per litre. Marigold uses a perpetual inventory system. Return rates in food industry are moderate, with Marigold experiencing a return rate historically.During the month of November, the following merchandise transactions occurred:November Sold onelitre bottles of olive oil on account to Eatalia Grocery for $ each, with an average cost of $ Purchased bottles of olive oil for $ each from Ambrosia Oleum, terms n Purchased bottles on account for $ each from EVOO, terms n Granted Eatalia a $ credit for five bottles of olive oil returned to Marigold. The bottles were restored to inventoryReceived a $ credit for bottles of olive oil returned to EVOO.Sold bottles of olive oil on account to Mezes Restaurant for $ each, with an average cost of $ terms nIssued a $ credit memorandum to Eatalia Grocery for the return of four bottles of olive oil. The bottles were not returned to inventory as it was past the best before date.Received payment in full from Eatalia Grocery.Paid EVOO in fullReceived payment in full from Mezes.Sold bottles to La Bodega Grocery for $ each, with an average cost of $ terms nRecord the november transactions with debit and credit entries
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