Stevens company uses a perpetual inventory system

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and the subsequent payment on July 18. Stevens Company uses a perpetual inventory system.Purchase Discounts: Gross Price MethodStevens Company uses a perpetual inventory system. On July 10, Stevens Company purchases $70,000 of inventory on credit with payment terms of 1/10, net 30.Using the gross price method, prepare journal entries to record Stevens Company’s purchases on July 10 and the subsequent payment on August 8. Stevens Company uses a perpetual inventory system.
Purchase Discounts: Net Price MethodOn October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45.Using the net price method, prepare journal entries to record Johnson’s purchases on October 23 and the subsequent payment on October 31. Johnson Company uses a perpetual inventory system.Purchase Discounts: Net Price MethodOn October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45.Using the net price method, prepare journal entries to record Johnson’s purchase on October 23and the subsequent payment on November 30. Johnson Company uses a perpetual inventory system.
Periodic Inventory-FIFOJessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory.UnitsCost/UnitTotal CostInventory, Dec. 1300250$75,000Purchases, Dec. 8600275165,000900$240,000Using the FIFO method, calculate Jessie's inventory on December 31 and its cost of goods soldfor December.

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