20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?

C

[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals

17. The Corbit Corp. sold merchandise for $10,000 cash. The cost of the merchandise sold was $7.590, The journal entries to record this transaction under the perpetual inventory system would be A. Cash 10,000 Merchandise Inventory 10,000 Cost of Merchandise Sold Sales 7,590 7,590 B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold Merchandise Inventory 7,590 7,590 Cash 10,000 Sales 10,000 Merchandise Inventory Cost of Merchandise Sold 10,000 10,000 d. Cash 7,590 Sales 7,590 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590