Question
To journlizing the entry use Periodic Inventory System for Weighted Average Cost Method in the Work Sheet Nov. 30. The account inventory $40,500 is the
To journlizing the entry use Periodic Inventory System for Weighted Average Cost Method in the Work Sheet Nov. 30. The account inventory $40,500 is the suitcases 81 pcs in the storehouse. Dec. 1. Purchased suitcases on account for $5,100 (10 pcs) from Trunk Manufacturers, FOB shipping point, terms 2/10, n/30. Dec. 1. We also paid cash $200 for the freight-in on the date. Dec. 3. Sold suitcases 20 pcs on account to Satchel World for $20,000, terms 2/10, n/30. (The cost of goods sold will be calculated in the subsidiary ledger.) Dec. 3. We paid cash $150 for the freight-out. Dec. 9. Paid cash to Trunk Manufacturers to obtain the discount. Dec. 12 Received payment in full from Satchel World. Dec. 15. Purchased suitcases on account for $5,500 (10 pcs) from Holiday Manufacturers, FOB shipping point, terms 2/10, n/30. Dec. 15. We also paid cash $200 for the freight-in on the date. Dec. 17. Sold suitcases on account to Lady GoGo 30 pcs for $36,000. The cost should to see the ledger. Dec. 17. We paid cash $300 for the goods freight-out. Dec. 20. Received $570 credit (including freight) for 1 pc ($550) suitcases returned to Holiday Manufacturers. Dec. 21. Received payment in full from Lady GoGo. Dec. 22. Purchased suitcases on account for $6,600 (10 pcs) from KKK Manufacturers, FOB shipping point, terms 2/10, n/30. Dec. 23. Sold suitcases on account to Vagabond for $40,00 (40 pcs), the cost should to see the subsidiary ledger. Dec. 26. Paid Holiday Manufacturers in full. Dec. 31. Granted credit $2,000 to Vagabond for 2 pcs suitcases returned us.
please help me do this homework , thank you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started