Bramble Industries purchased $13,600 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $1,800 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.
Assuming that Bramble uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method

Assuming that Bramble uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.

Cheyenne Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye.

Date
Transaction
Quantity
Price/Cost
1/1 Beginning inventory- 2,500 units , $17
2/4 Purchase- 3,500 units,$25
2/20 Sale- 4,000 units, $41
4/2 Purchase- 4,500 units, $32
11/4 Sale- 3,700 units, $46

Calculate average-cost per unit.

Answer rating: 100% (QA)

a perpetual method Date Particulars Debit Credit Calculation Feb 1 Inventor... View the full answer