Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. . . . . YBM Company completed the following transactions in June of 2021 June 1 Purchased Supplies on Account, $740 June 3 Purchased

image text in transcribed
image text in transcribed
. . . . . YBM Company completed the following transactions in June of 2021 June 1 Purchased Supplies on Account, $740 June 3 Purchased inventory on account $5,000, terms, 3/15, n/30 June 7 Sold goods for cash, $2,000 (Cost $1,100) June 10 Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory June 13 Sold goods on credit $1,000, terms 2/10,n/30. (Cost $550) June 16 Paid for Inventory purchased on June 3 minus the return and the discount June 20 Gave customer credit of $150 for damaged merchandise from sale of June 13. Customer did not return merchandise. June 22 Received payment in full for sale of June 13 June 24 Purchased Inventory on account $4,200 plus freight charges of $300. June 28 Returned defective merchandise of $325 from purchase of June 24. Required: . . . . 1. Journalize above entries for YBM Corp. 2. Calculate Gross Profit and Gross Profit % Inventory data for Williams Door Company for the month of October are as follows: Date Cost Item Units $150 Oct 1 Beginning Inventory 50 Purchase 50 $155 Oct 8 Purchase 55 $160 Oct 15 Purchase 60 $170 Oct 22 Purchase 55 $175 Oct 29 During the month of October, Williams sold 250 units @ $210 each. Required: Compute the cost of Goods Sold and Ending Inventory under 1. Average Cost 2. FIFO 3. LIFO 4. Prepare a Comparative Income Statement under the three methods. Operating Expenses are $4500. Calculate Gross Profit Percentage for each of the three methods. Round all numbers to the nearest dollar. Round percentages to two decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

Students also viewed these Accounting questions