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The following events occurred: 10/1/2020 Purchased 100 units @ $10/unit 10/15/2020 Returned 10 units for full refund 10/30/2020 Sold 60 units @ $14/unit FOB Shipping
The following events occurred:
10/1/2020 | Purchased 100 units @ $10/unit |
10/15/2020 | Returned 10 units for full refund |
10/30/2020 | Sold 60 units @ $14/unit FOB Shipping Point (shipped same day) |
11/15/2020 | Purchased 200 units @ $12/unit |
11/18/2020 | Sold 210 units @ $15/unit FOB Destination (arrived at customer 12/15) |
12/12/2020 | Purchased 100 units @ $14/unit |
12/18/2020 | Obtained $20 discount on 12/12 purchase |
12/30/2020 | Agreed to sell 50 units @ $16 FOB Destination (in transit at year end) |
Based on this information,
1. What is the value of Ending Inventory at the fiscal year end of 12/31/2020?
2. What is the value of Cost of Goods Sold at the fiscal year end of 12/31/2020?
3. Prepare the adjusting journal entry that would be used to record Cost of Goods Sold on 12/31/2020.
please show any work
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