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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,
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.
- Journalize above entries for YBM Corp.
- Calculate Gross Profit and Gross Profit %
inventory data for Williams Door Company for the month of October are as follows:
Date | Item | Units | Cost |
Oct 1 | Beginning Inventory | 50 | $150 |
Oct 8 | Purchase | 50 | $155 |
Oct 15 | Purchase | 55 | $160 |
Oct 22 | Purchase | 60 | $170 |
Oct 29 | Purchase | 55 | $175 |
During the month of October, Williams sold 250 units @ $210 each.
Required: Compute the Cost of Goods Sold and Ending Inventory under
- Average Cost
- FIFO
- LIFO
- 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
To journalize the transactions for YBM Corp well record each transaction in a general journal format Here are the journal entries for the given transactions 1 June 1 Purchased Supplies on Account 740 ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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