Required information [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $420 and the merchandise basket normally sells for $180. Together, the bundle was sold to Val Amy for cash at a selling price of $540 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NGS $105. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $550 (total); terms n/3e. The goods cost NGS $450. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer. Aug. 10 val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August Aug.20 Sold two at-home spa kits to Meghan Witzel for $350 cash. The goods cost NGS $121. Aug. 22 Cosmetics R Us paid its remaining account balance in full. 2. 2-a. Calculate the Sales Revenue and Cost of Goods Sold for the transactions listed above (but exclude Service Revenue for spa 2-a. Calculate the Sales Revenue and Cost of Goods Sold for the transactions listed above (but exclude Service Revenue for spa services) of 2 Sales Revenue Cost of Goods Sold 2-6. What is Nicole's Getaway Spa's gross profit percentage (excluding Service Revenue)? (Round your answer to 1 decimal place.) Gross Profil Percentago Check my v Required information (The following information applies to the questions displayed below) Larry's Building Supplies (LBS) is a local hardware store LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $560,000 a. Sold merchandise for cash (cost of merchandise $257,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $2,700). c. Sold merchandise (costing $4,920) to a customer on account with terns n/30. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 4,200 8,200 4,100 1,350 Required: 1. Compute Net Sales and Gross Profit for LBS d. 3010 meterlalu se Tur Lash LUSL UT US >257, 30). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash > 300,000 refund (original cost of merchandise $2,700). c. Sold merchandise (costing $4,920) to a customer on account with terms n/3e. 4,280 d. Collected half of the balance owed by the customer in (c). 8,2ee 4,100 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,350 Required: 1. Compute Net Sales and Gross Profit for LBS $ 562,568 Net Sales Gross Profit Check Required information [The following information applies to the questions displayed below.) Sigfusson Supplies reported beginning inventory of 110 units, for a total cost of $3,300. The company had the following transactions during the month Jan. 6 Sold 30 units on account at a selling price of $40 per unit. 9 Bought 20 units on account at a cost of $30 per unit. 11 Sold 2e units on account at a selling price of $45 per unit. 19 Sold 30 units on account at a selling price of $50 per unit. 27 Bought 20 units on account at a cost of $30 per unit. 31 Counted inventory and determined that 50 units were on hand. Required: 1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
