Two different compantes, Vogel and Hatcher, entered into the following inventory transactons dunng December Both companles use a perpetual inventory system December 3-Vogel Corporation sold Inventory on account to Hatcher Corp. for $488,000, terms originally cost Vogel $317,000. December 8-Hatcher Corp. returned Inventory to Vogel Corporation for a credit of $3,600. Vogel returned this inventory to Inventory at its original cost of $2,339 .December 12-Hatcher Corp paid Vogel Corporation for the amount owed 3/10, n/30. This inventory Required: aPrepare 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. Whet is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required B Required C Required A Prepare the journal entries to record these transactions on the books of Vogel Corporation. (1f no entry is required for a transaction/event select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Next S of 5 K Prey here to search aved View transaction list Journal entry worksheet 4 Record the entry for sale of inventory on account. Note: Enter debits before credits. Credit Debit Date General Journal 488.000 Acpcounts Receivable Dec 03 488,000 Sales Revenue View general journal Clear entry Record entry Reqired B Next s of 5 Prey View transaction list Journal entry worksheet 3 2 4 Record the entry for cost of inventory sold on account from inventories. Note: Enter debits before credits. Date Debit General Journal Credit Cost of Goods Sold 317,000 Dec 03 317.000 Inventory View general journal Clear entry Record entry Required B View transaction list Journal entry worksheet 4 Record the entry for return of inventory sold on account. Note: Enter debits before credits. General Journal Debit Credit Date 2.339 Inventory- Estimated Returns Dec 08 2.330 Cost of Goods Sold View general journal Clear entry Record entry Required B View transaction list Journal entry worksheet 3 2 5 4 Record the entry for reversal of cost of inventory sold on account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 08 View general journal Clear entry Record entry Required B View transaction list Journal entry worksheet 4 5 2 Record the entry for receipt of accounts receivable and related sales discount for terms 3/10, n/30. Note: Enter debits before credits. Credit Debit Date General Journal Cash Dec 12 View general jounal Clear entry Record entry Required B December 3-Vogel Corporation sold Inventory on account to Hatcher Corp. for $488,000, terms 3/10, n/30. This Inventory orlginally cost Vogel $317,000. .December 8-Hatcher Corp. returned Inventory to Vogel Corporation for a credit of $3,600. Vogel returned this inventory to Inventory at Its original cost of $2,339. December 12-Hatcher Corp. pald 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 C Required A Required B What is the amount of net sales to be reported on Vogel Corporation's income statement? Net Sales Required C
