On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnson Company’s purchases if it pays on October 31.
Answer to relevant QuestionsUsing the information from RE8-6, prepare journal entries to record Johnson Company’s journal entries if it pays on November 30.In RE8-6, On October 23, Johnson Company purchased $100,000 of inventory on credit with ...On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorso’s December 31 ending inventory records are as follows:Year 1: Current cost, $20,000; Index, 100Year 2: Current cost, ...On January 15, 2010, the Searle Company, a U.S. company, acquired machinery on credit from a British company for ￡12,000. The company paid for the machine on January 30, 2010. The exchange rates on January 15 and 30 were ...Each unit of Black Corporation’s inventory has a ceiling of $8,455, a normal profit margin of $1,500, and a current replacement cost of $6,800. Determine the amount per unit that should be used as the market value to apply ...Use the information in RE9-8. Calculate Uncle Butch’s Hunting Supply Shop’s ending inventory using the retail inventory method under the lower of average cost or market assumption.In RE9-8, Uncle Butch’s Hunting Supply ...
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