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College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1. The company buys cossters from one supplier. All amounts in Accounts Payable on December 1 are ed to that suppller The inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July ata unt cost of $040 Covege Coasters records its inventory using perpetual inventory accounts and the FiFo cost now method During December, the company entered into the following transactions. Some of these tronsactons are explaineq in greater derait below a. Purchased 500 coasters on account from the regular suppiter on 121 at a unt cost or $0.42 wih terms of n6o 5. Purc Wised 800 coasters on account from the regular supplier on 122 ot a unt cost or 5045 . with terms of 760 . ch Sold 20 coasters on occount on 12/3 at a unit price of $100 d Collecte: 5910 from customers on occount on 1224 e. Paid the supplier $1,280 cash on account on 1218 . e. raig the suppiler $1,280 casn on account on 12/8 f. Paid employees $400 on 12/23, of which $290 related to work done in November and $110 was for wages up to December 22 g. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona. Hawall. The sale was made FOB destination with terms of n/60. Other relevant information includes the following at 12/31 : h. College Coasters has not yet recorded $170 of office expenses incurred in December on account 1. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be recorded 1. Wages for the period from December 2331 are $100 and will be pald on January 15 . k. The $540 of Prepald Rent relates to a six-month period ending on May 31 of next year: 1. The company incurred $800 of income tax but has made no tax payments this year: m. No shrinkage or damage was discovered when the inventory was counted on December 31 n. The company did not declare dividends and there were no transactions involving common stock. Thoose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which wili then populate the balances in those accounts from the trial balance. Howevec you will need to calculate and enter the amount of the net income or loss for the year ended December 31 . Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from th then populate the balances in those accounts from the trial balance. However, you will need to calculate of the net income or loss for the year ended December 31 . Adjusted \& Income statement Analysis Calculate the inventory turnover ratio and days to sell, assuming that inv ntory was $360 on Ja days a year. Round your intermediate calculations and final answers to 1 cecimal place.) College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1. The company buys coasters from one supplier All amounts in Accounts Payable on December fare owed to that suppllen the inventory on December 1 consisted of 900 coosters, all of which were purchased in a batch on Jaly 10 at a unit cost of $0.40 College Conters fecords its inventory using perpetual inventory accounts and the FiFo cost flow method During Jecember the company entered into the following transoctions. Some of these transoctions are explaned in greater detoi below a. Purchared 500 coosters on occount from the regulor supplier an 12h at o unit cost of 50.42 with setme ofngo b. Purchbsed 800 coosters on occount from the regular suppler on 12/2 ot ounit cogt of 5045 . with terme copi60. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0,42, with terms of n/60. b. Purchased 800 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 1,600 coasters on account on 12/3 at a unit price of $1.00 d. Collected $910 from customers on account on 12/4. e. Paid the supplier $1,280 cash on account on 12/18. f Paid employees $400 on 12/23, of which $290 related to work done in November arid $110 wa ur wages up to December 22 g. Loaded 90 coasters on a cargo ship on 12/31 to be dellvered the following week to a customer Kona, Howail. The sale was made FOB destination with terms of ni60. Other relevant information includes the following at 12/31 h. College Coasters has not yet recorded $170 of office expenses incurred in December on account 1. Tho company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be rec. led 3. Wage is the period from December 2331 are $100 and will be paid on January 15 . k. The 55 . of Prepaid Rent relates to a six-month period ending on May 31 of next year: 1. The company incurted $800 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31 . n. The company did not declare dividends and there were no transactions involving common stock of the net income or loss for the year ended December 31 . days a year. Round your intermediate calculations and final answe
