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Materials 1,400,000.00
Goods in process 650,000.00
Finished goods in factory 2,000,000.00
Finished goods in company-owned retail store (750,000/150%) 500,000.00
Finished goods in the hands of consignees (400,000 x 60%) 240,000.00
Finished goods in transit 250,000.00
Finished goods out on approval 100,000.00
Materials in transit (330,000 + 30,000) 360,000.00
Correct inventory 5,500,000.00
Problem 10-8
1. Inventory 50,000.00
Income summary 50,000.00
3. Purchases 30,000.00
Accounts payable 30,000.00
Inventory 30,000.00
Income summary 30,000.00
5. Purchases 140,000.00
Accounts payable 140,000.00
Problem 10-10
5. EXCLUDE - There is already a constructive delivery since the article was specifically made
according to the customer's specifications and the article is already completed on December 31,
2013
Problem 10-11
Requirement a
Periodic System Perpe
1. Purchases 800,000.00 1. Merchandise inventory
Accounts payable 800,000.00 Accounts payable
Cost of sales
Merchandise inventory
Merchandise inventory
Cost of sales
Requirement b
Periodic System Perpe
Inventory - January 1 90,000.00 Cost of sales recorded
Purchases 800,000.00 (790,000 - 20,000)
Purchase returns (50,000.00) 750,000.00 Inventory shortage
Goods available for sale 840,000.00 Adjusted cost of sales
Less: Inventory - December 31 60,000.00
Cost of sales 780,000.00
Perpetual System
rchandise inventory 800,000.00
Accounts payable 800,000.00
790,000.00
Merchandise inventory 790,000.00
40,000.00
Accounts receivable 40,000.00
1,360,000.00
Accounts receivable 1,360,000.00
Perpetual System
of sales recorded
(790,000 - 20,000) 770,000.00
tory shortage 10,000.00
ted cost of sales 780,000.00
Problem 10-18
Company A
List price 500,000.00
Less: First trade discount (20% x 500,000) 100,000.00
400,000.00
Second trade discount (10% x 400,000) 40,000.00
360,000.00
Third trade discount (10% x 360,000) 36,000.00
Invoice price 324,000.00
Less: Cash discount (2% x 324,000) 6,480.00
Payment within the discount period 317,520.00
Company B
List price 500,000.00
Less: Trade discount (35% x 500,000) 175,000.00
Invoice price 325,000.00
Less: Cash discount (2% x 325,000) 6,500.00
Payment within the discount period 318,500.00
Problem 10-
Requirement a
Gross method Net metho
1. Purchases 4,750,000.00 1. Purchases
Accounts payable 4,750,000.00 Accounts payable
Requirement b
Gross method Net method
Purchases 4,750,000.00 4,655,000.00
Freight in 250,000.00 250,000.00
Total 5,000,000.00 4,905,000.00
Less: Purchse discounts 33,000.00 ___
Goods available for sale 4,967,000.00 4,905,000.00
Less: Inventory - December 31 1,000,000.00 981,000.00
Cost of sales 3,967,000.00 3,924,000.00
Ending inventory:
Gross (5,000,000/5) 1,000,000.00
Net (4,905,000/5) 981,000.00
Net method
4,655,000.00
4,655,000.00
250,000.00
250,000.00
1,617,000.00
1,617,000.00
2,058,000.00
42,000.00
2,100,000.00
20,000.00
20,000.00
981,000.00
981,000.00
Problem 10-20
Cash 1,200,000.00
Sales 1,200,000.00