Perform the following exercise using the Perpetual Inventory methods with their respective entries, T's of greatest and calculation of gross profit 1. We start business with the following values Box $300,000 Warehouse $600,000 Furniture $230,000 2. When selling merchandise for $500,000 in cash, we grant a discount of $50, 000, the cost of the sale is $300,000. 3. When purchasing merchandise for $600,000 paid by check, we are granted a discount of $30,000 4. Previous purchases caused shipping costs of $15,000 that were owed 5. They returned merchandise with a cost of $100,000 that we had sold for $150,000 for this same amount we gave merchandise with a cost of $110,000 6. We returned merchandise for $40,000 and they gave us merchandise for this same amount 7. Make the corresponding adjustment and transfer entries.

Perform the following exercise using the Perpetual Inventory methods with their respective entries, T's of greatest and calculation of gross profit 1. We start business with the following values Box $300,000 Warehouse $600,000 Furniture $230,000 2. When selling merchandise for $500,000 in cash, we grant a discount of $50, 000, the cost of the sale is $300,000. 3. When purchasing merchandise for $600,000 paid by check, we are granted a discount of $30,000 4. Previous purchases caused shipping costs of $15,000 that were owed 5. They returned merchandise with a cost of $100,000 that we had sold for $150,000 for this same amount we gave merchandise with a cost of $110,000 6. We returned merchandise for $40,000 and they gave us merchandise for this same amount 7. Make the corresponding adjustment and transfer entries.

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Description: Perform the following exercise using the Perpetual Inventory methods with their respective entries, T's of greatest andcalculation of gross profit1. We start business with the following valuesBox $300,000Warehouse $600,000Furniture $230,0002. When s

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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