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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.
  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

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

  1. Average Cost
  2. FIFO
  3. LIFO
  4. 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.

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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 ... blur-text-image

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