part b

In September 2020, Sheffield Corp.commits to selling 165 of its iPhone-compatible docking stations to Better Buy Co.for $17,820 ($108 per product). The stations are delivered to Better Buy over the next 6 months. After 93 stations are delivered the contract is modified and Sheffield promises to deliver an additional 41 products for an additional $4,223 ($103 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Sheffield for the sale of the first 93 stations. The cost of each station is $51. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit 10044 Cash Sales Revenue 10044 (To record sales) Cost of Goods Sold 4743 Inventory 4743 (To record cost of goods sold) (b) Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Sheffield regularly sells the products separately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)