Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companies use a perpetual inventory system.
Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3 - Vogel Corporation sold inventory on account to Hatcher Corp. for $496,000, terms 2/10, n/30. This inventory originally cost Vogel $316,000. December 8 - Hatcher Corp. returned inventory to Vogel Corporation for a credit of $4,300. Vogel returned this inventory to inventory at its original cost of $2,740. December 12 - Hatcher Corp. paid Vogel Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation. b. What is the amount of net sales to be reported on Vogel Corporation's income statement? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare the journal entries to record these transactions on the books of Vogel Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companie a perpetual inventory system. December 3 - Vogel Corporation sold inventory on account to Hatcher Corp. for $496,000, terms 2/10, n/30. This inventory originally cost Vogel $316,000. December 8 - Hatcher Corp. returned inventory to Vogel Corporation for a credit of $4,300. Vogel returned this inventory to inventory at its original cost of $2,740. December 12 - Hatcher Corp. paid Vogel Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation. b. What is the amount of net sales to be reported on Vogel Corporation's income statement? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the amount of net sales to be reported on Vogel Corporation's income statement? Net Sales Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3 - Vogel Corporation sold inventory on account to Hatcher Corp. for $496,000, terms 2/10, n/30. This inventory originally cost Vogel $316,000. December 8 - Hatcher Corp. returned inventory to Vogel Corporation for a credit of $4,300. Vogel returned this inventory to inventory at its original cost of $2,740. December 12 Hatcher Corp. paid Vogel Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation. b. What is the amount of net sales to be reported on Vogel Corporation's income statement? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the Vogel Corporation's gross profit percentage? (Round your answer to the nearest whole percent (i.e., 0.1234 should be entered as 12).) Gross profit percentage %
