Create the appropriate documents (purchase requisition, purchase order, receiving report, inventory record, and disbursement voucher), and prepare
Question:
Create the appropriate documents (purchase requisition, purchase order, receiving report, inventory record, and disbursement voucher), and prepare any journal entries needed to process the following business events for Jethro’s Boot & Western Wear Manufacturing Company (this is a manual system).
a. On October 28, 2005, the inventory subsidiary ledger for Item 2278, metal pins, indicates that the quantity on hand is 4,000 units (valued at $76), the reorder point is 4,750, and units are on order. The economic order quantity is 6,000 units. The supplier is Jed’s Metal Supply Company (vendor number 83682). The customer number is 584446. The current price per unit is $0.02. Inventory records are kept at cost. The goods should be delivered to Inventory Storage Room 2.
b. On November 8, the goods were received (the scales indicated that 4,737 units were received).
c. On November 12, an invoice (number 9886) was received for the above units, which included fight of $6. The terms were 1/10, net 30. Jethro’s likes to keep funds available for use as long as possible without missing any discounts.
Economic Order Quantity Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. This production-scheduling model was developed in 1913 by Ford W. Harris and has...
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a No journal entry necessary a purchase requisition and purchase are completed b No journal entry ne...View the full answer
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