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On April 5, Jack Tupp Auto Repair sold $898 of auto parts, terms of 2/12, n/15. Using FIFO, it determined its cost of goods sold
On April 5, Jack Tupp Auto Repair sold $898 of auto parts, terms of 2/12, n/15. Using FIFO, it determined its cost of goods sold on those auto parts was $456. On April 9, Jack Tupp Auto Repair gave the customer an allowance of $99 for defective auto parts, and did not require the customer to return them. The cost of goods sold related to these defective auto parts was $46. As it relates to this return, to record only the sale portion of the transaction (i.e., not the inventory portion of the transaction), Jack Tupp Auto Repair would debit [ Select] for [Select) 9, and would credit Sales Discounts Inventory Sales Revenue for Select Sales Returns & Allowances Cost of Goods Sold On April 5, Jack Tupp Auto Repair sold $898 of auto parts, terms of 2/12, n/15. Using FIFO, it determined its cost of goods sold on those auto parts was $456. On April 9, Jack Tupp Auto Repair gave the customer an allowance of $99 for defective auto parts, and did not require the customer to return them. The cost of goods sold related to these defective auto parts was $46. As it relates to this return to record only the sale portion of the transaction (le, not the inventory portion of the transaction), Jack Tupp Auto Repair would debit [ Select for Select) 4. and would credit [ Select 1 fo Select) $456 $99 $46 $898 There is not enough information to determine the amount
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