Transactions 1. On July 1 , BerriesRUs agreed to supply 500 units of inventory for $1,500 on credit terms of 4/10,n/30. The cases will be shipped FOB shipping point. You paid the transportation charges of $200 immediately in cash. You paid the entire amount due to BerriesRUs on July 8. 2. Protein Shack supplied 180 units of inventory on July 8 for $900 on credit terms of 2/10,n/30. The goods were shipped FOB destination. You paid the amount due on July 23. 3. On July 9 , JuiceARama shipped 200 units of inventory at a cost of $1,200 with credit terms of n/45, FOB destination. This amount remains unpaid at the end of the month. Record the required journal entries associated with the purchases of inventory. Commas will automatically populate for numerical answers. Do not include dollar signs o decimals in your amounts. First record the purchase of 500 units from BerriesRUs on July 1 (account for shipping costs in the next journal entry). Record payment to BerriesRUs on July 8 . If there are multiple debits or credits, list accounts in alphabetical order. Record payment to Protein Shack on July 23. \begin{tabular}{|l|l|l|l|} \hline Date & Account & Debit & Credit \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Record purchase of 200 units from JuiceARama on July 9. Date Account Debit Credit For each vendor you purchased from, calculate the total cost of your inventory including any appropriate costs for shipping (freight-in) and accounting for any purchase discounts, if taken. (Hint: Purchase discounts are not applied on shipping costs). Then calculate the cost per unit of inventory from each vendor. If needed, round answers to two decimal places. 1.Calculate the Inventory Turnover Ratio. 2.Calculate the number of days of sales in inventory. The industry average for the inventory turnover ratio is 19 times. Your company is performing than the industry. Transactions 1. On July 1 , BerriesRUs agreed to supply 500 units of inventory for $1,500 on credit terms of 4/10,n/30. The cases will be shipped FOB shipping point. You paid the transportation charges of $200 immediately in cash. You paid the entire amount due to BerriesRUs on July 8. 2. Protein Shack supplied 180 units of inventory on July 8 for $900 on credit terms of 2/10,n/30. The goods were shipped FOB destination. You paid the amount due on July 23. 3. On July 9 , JuiceARama shipped 200 units of inventory at a cost of $1,200 with credit terms of n/45, FOB destination. This amount remains unpaid at the end of the month. Record the required journal entries associated with the purchases of inventory. Commas will automatically populate for numerical answers. Do not include dollar signs o decimals in your amounts. First record the purchase of 500 units from BerriesRUs on July 1 (account for shipping costs in the next journal entry). Record payment to BerriesRUs on July 8 . If there are multiple debits or credits, list accounts in alphabetical order. Record payment to Protein Shack on July 23. \begin{tabular}{|l|l|l|l|} \hline Date & Account & Debit & Credit \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Record purchase of 200 units from JuiceARama on July 9. Date Account Debit Credit For each vendor you purchased from, calculate the total cost of your inventory including any appropriate costs for shipping (freight-in) and accounting for any purchase discounts, if taken. (Hint: Purchase discounts are not applied on shipping costs). Then calculate the cost per unit of inventory from each vendor. If needed, round answers to two decimal places. 1.Calculate the Inventory Turnover Ratio. 2.Calculate the number of days of sales in inventory. The industry average for the inventory turnover ratio is 19 times. Your company is performing than the industry
