Recording inventory with discounts available. Greystoke, Inc. is owned by twin brothers. On most issues, they agree completely with eac other. One particular problem, though, is giving them trouble. Galen wants to use the grom method for recording purchases of merchandise with discounts while Gordon thinks the on logical method is the net method. To help them resolve their problems, they need to see th information each method gives them and get some feedback on what they can learn from eac method. You have the honor of being chosen. Provide journal entries to record each activity fe both the gross and net methods. Be sure to label the methods. The entries can be side by side fe the two inventory methods. Assume the brothers use the periodic inventory system. May 2 Gross Purchased and received $15.000 of merchandise, terms 1/15, n/45. lurchase 15,000 cush 14,850 Net 15,000 Purchas 14,85d Acct Pay Purchas dis 150 us5 May 5 Gross Returned merchandise with a cost of $500 because we could not use it. Net Paid for $10,000 of the merchandise. Net May 16 Gross Paid for the remainder of the merchandise. une 12 Gross Net

Inventory is a vital part of most businesses. Proper controls should be in place for the safety and reporting of inventory. Inventory errors can cause many problems for business.   Part 1: Inventory Answer the following: Provide the name of a business and example inventory for that business. List one or more examples of ways to safeguard inventory. List each of the cost methods and briefly explain. How do you calculate inventory turnover? How is inventory turnover used?

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Consider the following transactions for Hampton Drug Store: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Hampton Drug Store? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Feb. 2: Hampton Drug Store purchased $21,500 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Ingles Medical Supplies. Date Feb. 2 Accounts Debit Credit Transactions - Feb. 2 Feb. 5 Hampton Drug Store purchased $21,500 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Ingles Medical Supplies. Hampton Drug Store paid a $140 freight charge. Feb. 8 Hampton Drug Store returned $5,600 of the merchandise due to…

MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X