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For each of the following, determine the missing amounts. Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: (a) Kelly purchased $45,000 of merchandise on account, terms 2/10,n/30. (b) Returned $3,000 of damaged merchandise for credit. (c) Paid for the merchandise purchased within 10 days. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Coronado Co, returned defective goods costing $6000 to Sandhill Company on April 19 , for credit. The goods were purchased April 10 , on credit, terms 3/10,n/30. The entry by Coronado Co. on April 19 , in receiving full credit is: Bramble Company uses a perpetual inventory system and made a purchase of merchandise on credit from Blossom Corporation on August 3, for $10200, terms 2/10, n/45. On August 10, Bramble makes the appropriate payment to Blossom. The entry on August 10 for Bramble Company is Accounts Payable 10200 Cash 10200 Accounts Payable 9996 Cash 9996 Accounts Payable 10200 inventory 2049996 On July 9, Swifty Company sells goods on credit to Blossom Company for $5500, terms 2/10,n/60.5 wifty receives payment on July 18. The entry by Swifty on July 18 is: Financial information is presented below for two different companies. If a company has net sales of $711000 and cost of goods sold of $497700, the gross profit percentage is 30%. 70% 100%. 20%. During 2022, Crane Enterprises generated revenues of $80000. The company's expenses were as follows; cost of goods sold of $40000, operating expenses of $15000 and a loss on the sale of equipment of $2500. Crane's net income is $22500.$40000$80000$25000 In the first month of operations, Mordica Company made three purchases of merchandise in the following sequence: (1) 200 units at $6, (2) 300 units at $7, and (3) 400 units at $9. Assuming there are 300 units on hand. Compute the cost of the ending inventory under the FIFO method and the LIFO method. Mordica uses a periodic inventory system. FIFO LIFO $ Shellhammer Company's inventory records show the following data for the month of September: A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Shelthammer Company's inventory records show the following data for the month of September: A physical inventory on Seotember 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic imventory system. A company just starting business made the following four inventory purchases in June. A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $745$1390$890$1494 A company purchased inventory as follows: 140 units at $4 210 units at $5 The average unit cost for inventory is $4.50$4.60$5.00$4.00 At May 1, 2020, Sunland Company had beginning inventory consisting of 160 units with a unit cost of $6,30. During May, the company purchased irventory as follows: 690 units at $6.30 650 units at 56,00 The company sold 1100 units during the month for $11 per unit. Sunland uses the average cost method. The value of Sunland's inventory at May 31,2020 is $2543$3586$1043$2468 Vaughn Company's inventory records show the following data: A physical inventory on December 31 shows 3600 units on hand. Vaughn sells the units for $12 each. The company has an effective tax rate of 20%. Vaughn uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used? $2304 additional taxes $1330 additional taxes $1536 tax savings $1536 additional taxes The Vogelson Company accumulates the following cost and net realizable value data at December 31 . What is the lower-of-cost-or-net realizable value of the inventory? Lower-of-cost-or-net realizable value of the inventory Nolen Company is preparing the annual financial statements dated December 31,2020 . Information about inventory stocked for regular sale follows: Compute the valuation for the December 31,2020 , inventory using the lower-of-cost-or-net realizable value basis. Total ending irventory $ As a result of a thorough physical inventory. Marigold Company determined that it had inventory worth $319200 at December 31 . 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46900 on its sales floor that belong to Marigold but are being sold on consignment by Herschel. The selling price of these goods is $74600. Marigold purchased $22600 of goods that were shipped on December 27, FOB destination, that will be received by Marigold on January 3. Determine the correct amount of imventory that Marigold should report. $388700$366100$371200$319200 Concord Company has sales revenue of $60700, cost of goods sold of $36800 and operating expenses of $13300 for the year ended December 31. Concord's gross proft is $47400. $0. $23900. $10600