During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows: Jan.   6   Purchased goods for $1,120 from Noah with terms 2/10, n/30.     6   Purchased goods from Emma for $970 with terms 2/10, n/30.     14   Paid Noah in full.     30   Paid Emma in full.

Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts.Purchase on February 17        $210,000 Purchase on May 6                   130,000 Purchase on September 8        160,000 Purchase on December 4         410,000Required: Calculate cost of goods sold for the year.

Ayayai Ltd. distributes suitcases to retail stores. At the end of June, Ayayai's inventory consisted of 70 suitcases purchased at $50 each. Ayayai uses a perpetual inventory system. Ayayai has experienced a 5% return rate historically. During the month of July, the following merchandising transactions occurred: July 2Purchased 75 suitcases on account for $70 each from Sandhill Ltd., terms 2/10, n/30. 3Received a $280 credit from Sandhill after returning four suitcases because they were damaged. 6Sold 60 suitcases on account to Satchel World Inc. for $90 each, with an individual cost of $50, terms n/45. 7Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. 9Sold three suitcases-the right model number this time-on account to Satchel World Inc. for $100 each, with an individual cost of $70, terms n/30 11Paid Sandhill the balance owing 13Sold 30 suitcases on account to The Going Concern Limited for…

Yarn Imports Corp. is preparing an inventory listing, and is assigning a cost to inventory that arrived on December 29, two days before the end of the year. The following elements of potential cost have been identified: Invoice price; the amount was prepaid when the goods were ordered because the supplier offered a 5%. discount for payment up front. Goods were custom-manufactured for Yarn after the order date. The invoice price was for $74,800, less 5% HST on invoice price, $10,659 Interest on borrowed money between the time the deposit was paid and the goods were delivered, $650 Delivery charges, paid by the supplier, $1,050 Required: Calculate the value to include in inventory of Yarn Imports Corp. Value to be included in inventory $ 72,795