AB Ltd.'s gross purchases were $8,000, net purchases account for an average 10% discount on all items purchased and 5% of item were returned due to wrong specifications during the year. Also during the year the net sales were $7,805. Required 1: If beginning and ending inventory are zero (Just in time), AB's cost of good solf for the period must have been: $ Required 2: AB's Purchase Return and Allowances for the period must have been: $1 Required 3: AB's Purchase Discounts for the period must have been: $ Required 4: AB's Net Puchases for the period must have been: $ Required 5: AP's Groce Profit on Salor in dollars for the period must have boon: $

HI, may i know why didn't record cost , $5000?

Tefft Industires has an average inventory of $170,000, sells on term of 2/10, net 30, and its cost of sales is $540,000. What is Tefft's inventory conversion period? *show work* A) 85 days B) 115 days C) 105 days D) cannot be determined from the data given

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XYZ Company purchased inventory worth $50,000 on credit and later paid off the amount within the discount period. The terms were 2/10, net 30. Calculate the amount paid by XYZ Company after considering the discount.

Journalize each of the transactions In assuming a perlodic inventory system and PST at 7% along with 5% GST. Note: Any avallable cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $2, 000 of merchandise for cash. 2 Purchased $6,800 of merchandise; terms 2/18, n/30. 5 Sold merchandise costing $3,690 for $5,200; terms 1/18, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,009 of merchandise; terms n/15. 19 Recorded $7,800 of cash sales (cost of sales $5,800). View transaction list Journal entry worksheet 3 4 5 6 7 > 1 2 Record the cash purchase. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 01

Peterson Manufacturing purchased inventory for $5,900 and also paid a $330 freight bill. Peterson Manufacturing returned 40% of the goods to the seller and later took a 1% purchase discount. Assume Peterson Manufacturing uses a perpetual inventory system. What is Peterson Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $3,505 OB. $3,835 OC. $3,701 OD. $2,336 RECOR

If Able Ltd, registered for GST, purchased inventory from a supplier for $9 000 (excluding GST), returned $1 500 worth of inventory (excluding GST) two days later and then paid the account within the discount period to take advantage of a 2% discount, what amount would Able Ltd record for discount received? please recalculate