13. 3 pnts 12. 5 pnts On September 1, Brownsville Supply had an inventory of 20b
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13.
3 pnts
12. 5 pnts On September 1, Brownsville Supply had an inventory of 20backpacks at a cost of $25 each. The company uses a perpetualinventory system. During September, the following transactionsand events occurred. Sept. 4 Purchased 40 backpacks at $25 each from Lincoln, terms 2/10,n/30. 6 Received credit of $100 for the return of 4 backpackspurchased on Sept. 4 that were defective. 9 Sold 20 backpacks for $40 each to Jaxon Books, terms 2/10,n/30. 13 Sold 15 backpacks for $40 each to Stoner Office Supply, termsn/30. 14 Paid Lincoln in full, less discount. Instructions Journalize the September transactions for BrownsvilleSupply.Explanation / Answer
12. Sept 4 Inventory 1,000 Accounts payable 1,000 sept 6. Accounts payable 100 Inventory 100 Sept 9 1)Accountsreceivable 800 Salesrevenue 800 (40 * 20) 2) Cost of goods sold 500 Inventory 500 (25 * 20) Sept 13 1)Accountsreceivable 600 Salesrevenue 600 (40 * 15) 2) Cost of goodssold 375 Inventory 375 (25 * 15) Sept 14 Accounts payable 900 Inventory 18 Cash 882 ------------------------------- 13. Cost assigned on average basis 1,650 Cost assigned on FIFObasis 1,800 Cost assigned on LIFObasis 1,500 Explanation average basis 3,300 / 600 = 5.5 300 * 5.5 = $ 1,650 FIFO 300 * 6 = 1,800 LIFO 150 * 4 = 600 150 * 6 = 900 1,500
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