The following data pertain to Corbet Merchandising for the year ended December 31, 2017: Beginning inventory .........................................................
Question:
The following data pertain to Corbet Merchandising for the year ended December 31, 2017:
Beginning inventory ......................................................... $190,300
Purchases of inventory on credit during the year ......................... 450,000
Cost of goods sold during the year .................................... 65% of sales
Sales (75% on credit) during the year ...................................... 800,000
a. Prepare entries for the following transactions using a perpetual inventory system:
i. Purchase of inventory during 2017
ii. Sales during 2017
iii. Cost of goods sold during 2017
b. Compute the balance in the Inventory account on December 31, 2017.
Step by Step Answer:
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood