At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following...

At the beginning of June, Circuit Country has a balance in inventory of $2,650. The following transactions occur during the month of June.

June	2	Purchase radios on account from Radio World for $2,350, terms 2/15, n/45.
June	4	Pay cash for freight charges related to the June 2 purchase from Radio World, $330.
June	8	Return defective radios to Radio World and receive credit, $300.
June	10	Pay Radio World in full.
June	11	Sell radios to customers on account, $4,300, that had a cost of $2,850.
June	18	Receive payment on account from customers, $3,300.
June	20	Purchase radios on account from Sound Unlimited for $3,450, terms 2/10, n/30.
June	23	Sell radios to customers for cash, $4,950, that had a cost of $3,250.
June	26	Return damaged radios to Sound Unlimited and receive credit of $400.
June	28	Pay Sound Unlimited in full.

1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions.

Expert Solution

company paid his due within 10 days to sound unliymited so company get 2% discount...

ekkarill92 answered 1 year ago

At the beginning of June, Circuit Country has a balance in inventory of $2,900. The following...

At the beginning of June, Circuit Country has a balance in inventory of $2,900. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,600, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $380. June 8 Return defective radios to Radio World and receive credit, $200. June 10 Pay Radio World in full. June 11 Sell radios to customers on...

The following information relates to Stevens Company for June 20XX: Direct materials inventory, beginning balance $...

The following information relates to Stevens Company for June 20XX: Direct materials inventory, beginning balance $ 7,000 Direct materials inventory, ending balance 3,000 Work-in –process inventory, beginning balance 5,000 Work-in-process inventory, ending balance 8,000 Finished goods inventory, beginning balance 10,000 Finished goods inventory, ending balance 12,000 Direct Labor 48,000 Direct materials purchases 26,000 Indirect labor 6,000 Depreciation: factory equipment 11,000 Depreciation: office equipment 4,000 Insurance, factory 3,000 Advertising expense 8,000 Repair and maintenance, factory 5,000 Question 1: (1.0 point) Required:...

The following information relates to the inventory of Cameras Ltd during June. June 1 Beginning Inventory...

The following information relates to the inventory of Cameras Ltd during June. June 1 Beginning Inventory 80 units @ $7.00 3 Purchased 90 units @ $8.80 10 Purchased 110 units @ $9.90 12 Sold 90 units 17 Sold 80 units 25 Sold 30 units Cameras Ltd uses a perpetual inventory system, purchases are GST inclusive. Showing calculations, determine the cost of the ending inventory (assuming there have been no stock losses) and the cost of sales, using the following three...

At the beginning of July, CD City has a balance in inventory of $3,200. The following...

At the beginning of July, CD City has a balance in inventory of $3,200. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,100, terms 1/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $100. July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $200. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers...

At the beginning of July, CD City has a balance in inventory of $3,100. The following...

At the beginning of July, CD City has a balance in inventory of $3,100. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,000, terms 1/10, n/30. July 4 Pay cash for freight charges related to the July 3 purchase from Wholesale Music, $110. July 9 Return incorrectly ordered CDs to Wholesale Music and receive credit, $300. July 11 Pay Wholesale Music in full. July 12 Sell CDs to customers...

Blue Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June...

Blue Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $130 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,200 $132 10 1,030 $204 14 1,770 133 16 1,670 209 26 960 134 (a) Determine the cost of goods sold and the cost of the ending inventory using the average...

Bramble Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June...

Bramble Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 520 bookcases at a cost of $125 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,170 $127 10 950 $216 14 1,750 128 16 1,600 221 26 1,040 129 (a) Correct answer iconYour answer is correct. Determine the cost of goods sold and the cost of...

During June, the following changes in inventory item A took place: June 1 Balance 800...

During June, the following changes in inventory item A took place: June 1 Balance 800 units @ $20 June 8 Sold 600 units @ $50 June 10 Purchased 800 units @ $21 June 14 Sold 700 units @ $50 June 24 Purchased 600 units @ $22 Instructions What is the cost of goods sold and the ending inventory for item A under the following methods? (Show calculations.) A. Periodic (a) FIFO (b) LIFO (c) Average...

Francis Bellamy Company had the following four inventory purchases in June: Beginning Inventory 150 units $1,500...

Francis Bellamy Company had the following four inventory purchases in June: Beginning Inventory 150 units $1,500 June 10 200 units $2,200 June 15 200 units $2,400 June 28 200 units $2,600 $8,700 A physical count of merchandise inventory on June 30 reveals that there are 80 units on hand. Using FIFO, fill in the adjusting journal entry below using the periodic system for inventory. Enter the answers as whole numbers without a comma or dollar sign. If there is no...

Based on the following, what is this company's desired BEGINNING inventory for June 1. You must...

Based on the following, what is this company's desired BEGINNING inventory for June 1. You must show work for credit. Month Budgeted Sales April $400,000 May $420,000 June $450,000 Cost of Goods Sold as a percentage of current 55% month's sales Desired Ending Inventory as a percentage of 15% NEXT month's Cost of Goods Sold

Question