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need help with May 31 -- COGS & inventory calculation. thanks!! Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May
need help with May 31 -- COGS & inventory calculation. thanks!! Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $8,600; Accounts Receivable $2.700; Inventory $4,300; Common Shares $9.400; and Retained Earnings $6,200. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May 3 4 7 8 9 11 14 15 Purchased merchandise an account from Depot Wholesale Supply Ltd. for $6,140, terms 1/10, 1/30, FOB shipping point Freight charges of $161 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $4,300, terms 1/30, FOB destination. The cost of the merchandise was $3,200. Freight charges of $102 were paid by the appropriate party on the May 4 sale. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Pald Depot Wholesale Supply in full. Purchased supplies for $470 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $1,100 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of 1/30 Purchased merchandise from Harlow Distributors Inc for $3,100, terms n/30, FOB destination Freight of $55 was paid by the appropriate party on the May 18 purchase of merchandise, Sold merchandise to various customers for $8.200 cash. The cost of the merchandise was $4,600 Paid a $110 cash refund to customers for returned merchandise. The cost of the returned merchandise was $63. It was restored to inventory A physical inventory count was taken and determined that there was $5,580 of inventory on hand. Prepare any adjustment required 18 21 22 29 31 Date Account Titles and Explanation Debit Credit May 1 Inventory 6140 Accounts Payable 6140 May 3 Inventory 161 Cash 161 May 4 Accounts Receivable 4300 Sales 4214 Refund ability 86 (Sale of goods on account) May 4 Cost of Goods Sold 3136 Estimated Inventory Returns 64 3200 Inventory (Cost of goods sold recorded) Freight Out May 7 102 Cash 102 MacBook Air May B v Accounts Payable 140 Inventory 140 May 9 Accounts Payable 6000 Inventory 60 Cash 5940 May 11 Supplies 470 Cash 470 May 14 Cash 4300 Accou Receivable 4300 May 15 Cash 1100 Accounts Receivable 1100 May 18 Inventory 3100 Accounts Payable 3100 May 21 No Entry 0 No Entry May 22 Cash 3200 Refund Liability (Sale of goods) 164 May 22 Cost of Goods Sold 4508 Estimated Inventory Returns 92 4600 Inventory (Cost of goods sold recorded) Refund Liability May 29 110 Cash 110 (Return of merchandise) Inventory May 29 63 63 Estimated Inventory Returns (Return of merchandise, assuming goods are resaleable and returned to inventory) Cost of Goods Sold May 31 1981 Inventory 1981 e Textbook and Media MacBook Air
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need help with May 31 -- COGS & inventory calculation. thanks!!
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