Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240. a. Compute the amount of inventory purchased during the year. $ a. Prepare journal entries to record (1) inventory purchases and (2) cost of goods sold. Assume all purchases were made on account. Ref. (1) (2) Account To record purchases. To record cost of goods sold. Debit Credit

Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240. a. Compute the amount of inventory purchased during the year. $ a. Prepare journal entries to record (1) inventory purchases and (2) cost of goods sold. Assume all purchases were made on account. Ref. (1) (2) Account To record purchases. To record cost of goods sold. Debit Credit

Name: Harvest, Inc., a retail company, reported inventories of $1,020,240 a
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Description: Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240.a. Compute the amount of inventory purchas

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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