Brody sports Ltd. Brody Sports, is a sports shop that carries a range of sporting goods....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Brody sports Ltd. Brody Sports, is a sports shop that carries a range of sporting goods. The most popular selling items are all hockey related items. They carry a range of NHL replica jerseys and of course international teams. By far the biggest selling jersey is the Canadian jersey. Local teams purchase their jerseys from a range of jerseys they have on offer. A lot of customers pay in cash, but the teams that have accounts with the store can purchase on account, usually 2/10, net 30. The store manager ensures that the staff rotate the stock so that the older items are displayed at the front of the shelves and are sold first. When large orders are placed, the same system applies and Brody Sports uses a perpetual FIFO system to manage its inventory. You have been hired as a book keeper to maintain the sales journal and keep a track of inventory using your knowledge of perpetual FIFO systems. During the month of September the following transactions takes place. Brody Sports already has a stock of 40 jerseys that had a cost price of $25 each, from last year. September tends to be a busy month as teams come in to buy jerseys for the new season. 1-Sep Sold 20 jerseys for cash (selling price $125 each) 2-Sep Purchases another 65 jerseys at $30 each. Terms 2/10, net 30. 9-Sep Sold another 30 jerseys on account, 2/10 net 30, to the West End Worblers. (selling price $120 each) 14-Sep Paid for the purchase on sept 2nd. 17-Sep Purchases another 50 jerseys at $33 each. Terms 2/10, net 30. 21-Sep Sold another 50 jerseys on account, 2/10 net 30, to the East Side Mainers. (selling price $115 each) 22-Sep West end worblers, settled their account by paying for the purchase on the 9th of sept in full. 22-Sep East side Mainers, returned 4 defective jerseys, purchased on the 21st. 23-Sep East side mainers, settled their account by paying for the reainder of the purchase on 21st in full. 24-Sep sold another 5 jerseys for cash (selling price $125 each) 29-Sep stock account revealed, that there are only 32 jerseys were in stock. Adjust inventory if needed. NOTE: the inventory charts only go to the 24th a) complete the following table to track cost of goods sold during the month. (using FIFO method) Purchases Date Quantity Unit cost Opening Value Sales Quantity Unit cost Value Balance Quantity Unit cost 40 Value 25 1000 1-Sep 20 25 $500 20 25 500 2-Sep 6530 1950 20 25 500 65 30 1950 9-Sep 17-Sep 50 33 1630 21-Sep Brody sports Ltd. Brody Sports, is a sports shop that carries a range of sporting goods. The most popular selling items are all hockey related items. They carry a range of NHL replica jerseys and of course international teams. By far the biggest selling jersey is the Canadian jersey. Local teams purchase their jerseys from a range of jerseys they have on offer. A lot of customers pay in cash, but the teams that have accounts with the store can purchase on account, usually 2/10, net 30. The store manager ensures that the staff rotate the stock so that the older items are displayed at the front of the shelves and are sold first. When large orders are placed, the same system applies and Brody Sports uses a perpetual FIFO system to manage its inventory. You have been hired as a book keeper to maintain the sales journal and keep a track of inventory using your knowledge of perpetual FIFO systems. During the month of September the following transactions takes place. Brody Sports already has a stock of 40 jerseys that had a cost price of $25 each, from last year. September tends to be a busy month as teams come in to buy jerseys for the new season. 1-Sep Sold 20 jerseys for cash (selling price $125 each) 2-Sep Purchases another 65 jerseys at $30 each. Terms 2/10, net 30. 9-Sep Sold another 30 jerseys on account, 2/10 net 30, to the West End Worblers. (selling price $120 each) 14-Sep Paid for the purchase on sept 2nd. 17-Sep Purchases another 50 jerseys at $33 each. Terms 2/10, net 30. 21-Sep Sold another 50 jerseys on account, 2/10 net 30, to the East Side Mainers. (selling price $115 each) 22-Sep West end worblers, settled their account by paying for the purchase on the 9th of sept in full. 22-Sep East side Mainers, returned 4 defective jerseys, purchased on the 21st. 23-Sep East side mainers, settled their account by paying for the reainder of the purchase on 21st in full. 24-Sep sold another 5 jerseys for cash (selling price $125 each) 29-Sep stock account revealed, that there are only 32 jerseys were in stock. Adjust inventory if needed. NOTE: the inventory charts only go to the 24th a) complete the following table to track cost of goods sold during the month. (using FIFO method) Purchases Date Quantity Unit cost Opening Value Sales Quantity Unit cost Value Balance Quantity Unit cost 40 Value 25 1000 1-Sep 20 25 $500 20 25 500 2-Sep 6530 1950 20 25 500 65 30 1950 9-Sep 17-Sep 50 33 1630 21-Sep
Expert Answer:
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
I need help with these questions. I have searched for information but can't find an answer. (Publication Management of expatriates) 1. Define the concept of expatriates and justify the need for this...
-
Brody Sports, is a sports shop that carries a range of sporting goods. The most popular selling items are all hockey related items. They carry a range of NHL replica jerseys and of course...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Ornithologists have determined that some species of birds tend to avoid flights over large bodies of water during daylight hours. It is believed that more energy is required to fly over water than...
-
Much concern has been expressed regarding the practice of using nitrates as meat preservatives. In one study involving possible effects of these chemicals, bacteria cultures were grown in a medium...
-
And (mm = ( 1. Ilmn as 11th,-J-V,11th dr. Show that I,,-0 for m n
-
Instruments du Rhone, S.A., as described in this chapter, decides not to change its domestic sales price of \( 12.80\) per unit within Europe but to raise its export price (in euros) from \( 12.80\)...
-
At the beginning of the tax year, Lizzie holds a $10,000 stock basis as the sole shareholder of Spike, Inc., an S corporation. During the year, Spike reports the following. Determine Lizzies stock...
-
The point N lies on the segment MP. Find the coordinates of N so that MN is 4 of MP. M (-19,-12) N (?, ?) P (8.6) Coordinates of N : D
-
A piston-cylinder device that containing 35 kg of refrigerant R-134a initially has a volume of 0.58 m at 38C. The piston-cylinder device is then connected to a heat exchanger in a side-by-side...
-
The American Revolution was fought between 1776 and 1781 along the eastern seaboard of North America. Describe one battle that was fought in the American Revolution, and describe one of the...
-
Installment sales Cost of installment sales Instructions: Cash collections on 2018 sales Cash collections on 2017 sales 2017 $160,000 Foothills Pie and Cake Co. began operations on January 1, 2017...
-
What criteria are used to prioritize strategic initiatives, and how do we ensure alignment with our corporate objectives ?
-
Break even analysis the business is a clothing line, and we estimate to make 50,000 in profits each month. How would be figured the break-even analysis. Rent is 1000 a month. property tax is 1600 a...
-
SHOW COMPLETE SOLUTIONS 65. A nuclear submarine is capable of a top underwater speed of 65 km/hr. How fast would a 1/20 scale model of the submarine have to be moved through a testing pool filled...
-
In this study, researchers investigated associations between environmental radon concentration and the incidence of various types of skin cancer. They analyzed data for 287 small areas (postcode...
-
Which of the following statements is false? a. Capital leases are not commonly reported in a Capital Projects Fund. b. A governmental entity may report a Capital Project Fund in one year but not the...
-
What is the source of financing for which the difference between financial cost and apparent cost is greatest?
-
Free subscription warrants are distributed to all the shareholders on a one-for-one basis. The value of each warrant is b. What is the value of the share after the warrant is detached, other things...
-
Will a company with ample growth opportunities tend to issue short-term, mediumterm or long-term debt? Why?
Study smarter with the SolutionInn App