Lecture Ex Wk8 Soln - Wicked Wigs

Lecture Ex Wk8 Soln - Wicked Wigs - Lecture 8 Accounting...

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Lecture 8 Accounting for Inventory Solution to Lecture Example 31/3/00, start of period short wigs: 10x $100 = $1,000 med. wigs: 25 x 130 = $3,250 long wigs: 15 x 180 = $2,700 Opening stock = $6,950
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Perpetual Inventory System 5/4 A/c receivable 1,755 Sales 1,755 Being credit sales (9 x 195=1755) COGS 1,170 Inventory 1,170 Being record for COGS 2
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6/4 Sales return 195 A/c receivable 195 Being goods returned from customer Inventory 130 COGS 130 Being goods returned to inventory 3
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12/4 Inventory 840 A/c payable 840 Being credit purchase (300+540) Freight in 20 Cash 20 Being payment for freight in 4
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13/4 A/c payable 180 Inventory 180 Being goods returned to supplier 14/4 Cash 3,075 Sales 3,075 Being record for cash sales (750+975+1350) 5
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14/4 COGS 2,050 Inventory 2,050 Being record for COGS (500+650+900) 14/4 Cash 1,529 discount allowed 31 A/c receivable 1,560 Being amounts received from a/c receivable (1755-195=1560) 6
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18/4 Sales returns 150 Cash 150 Being sales returns for cash Stock loss/damage 100 COGS 100 Being goods damaged 7
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This note was uploaded on 05/20/2010 for the course MARKETING 107 taught by Professor Vivian during the Spring '10 term at SCA NC.

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Lecture Ex Wk8 Soln - Wicked Wigs - Lecture 8 Accounting...

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