Question
Pina Sports Equipment sells a variety of sports items. The following data relates to Pina's inventory of golf club sets. On March 1, 2024, Pina
Pina Sports Equipment sells a variety of sports items. The following data relates to Pina's inventory of golf club sets. On March 1, 2024, Pina had 25 sets of clubs in inventory at a cost of $409 each. Management expects approximately 10% of sales to be returned. During March, the following transactions occurred:
Mar.
2 Sold 7 sets of clubs on account to Flex Golf Club for $568 each, terms, n/30.
4 Flex Golf Club returned 2 sets of clubs. Fairway returned the clubs to inventory.
11 Flex Golf Club paid the account in full.
15 Purchased 8 sets of clubs from Taylor Sports Canada at $409, terms n/30.
- Freight of $612 on the purchase from Taylor was FOB destination and was paid by the appropriate party.
- Sold 6 sets of clubs at $539 each for cash.
22 Purchased 11 sets of clubs from Lopez Golf for $420 each, terms 3/10 n/30.
24 Returned 1 set of clubs to Lopez Golf because they were defective.
31 Paid the Lopez Golf account.
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