Nona Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price
Question:
Nona Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000, but Nona was given a $30 cash discount and required to pay freight charges of $50. What amount should Nona record for inventory? Why?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Inventoriable costs are 3020 invoice cost 3000 freig...View the full answer
Answered By
Allan Olal
I have vast tutoring experience of more than 8 years and my primary objective as a tutor is to ensure that a student achieves their academic goals.
4.70+
78+ Reviews
411+ Question Solved
Related Book For
Financial Accounting
ISBN: 9781119594598
11th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
Topp Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000 but Topp was given a $30 cash discount and required to pay freight charges of $50....
-
A manufacturing firm just received a shipment of 20 assembly parts, of slightly varied sizes, from a vendor. The manager knows that there are only 15 parts in the shipment that would be suitable. He...
-
The Ivory Tower Bookstore recently received a shipment of accounting textbooks from the publisher. Following the receipt of the shipment, the FASB issued a major new accounting standard that related...
-
Bhushan Building Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. June 1 Purchased merchandise on account from Brij Builders Materials,...
-
Ryan, a consumer electronics salesperson, earns a base salary of $1500 per month and a commission of 8% on the amount of sales he makes. One month Ryan received a paycheck for $2284. Find the amount...
-
1. Draw a network diagram that summarizes the systems described above; devices used by administrators, staff, instructors, and students; and the network connections among them. Assume that the...
-
Verify the three predictions (i.e., Equations 3.27, 3.40, and 6.67) for the Young's modulus of the glass microsphere-reinforced polyester composite in Figure 6.42 for the specific case of a particle...
-
Since opening in 2009, Akron Aviation has built light aircraft engines and has gained a reputation for reliable and quality products. Factory overhead is applied to production using direct labor...
-
Discuss the principles of structured catalysts and reactors in process intensification, analyzing the design and performance characteristics of structured packing, monolithic reactors, and...
-
1. Critique the WtA gap analysis. Could there be other explanations for the gaps? 2. Make recommendations for closing the gaps found in the WtA.
-
Kuzu Company discovers in 2022 that its ending inventory at December 31, 2021, was $7,000 understated. What effect will this error have on (a) 2021 net income, (b) 2022 net income, (c) The combined...
-
In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are...
-
Find the input impedance of the circuit in Fig. 13.99 using the concept of reflected impedance. Obtain the input impedance by replacing the linear transformer by its T equivalent. j10 j40 25 8 2...
-
In order to provide effective strategic leadership through a change process there are certain activities and actions that are required of you. Please discuss each of the below questions in detail:...
-
Aries Incorporated has sales of $ 2 0 0 , 0 0 0 , a contribution margin of $ 7 6 , 6 0 0 and fixed costs of $ 2 5 , 0 0 0 . If Aries would like to increase its operating income by 3 5 % , it must...
-
Purchases office furniture for $2,900, by paying $700 cash with the balance on account. What is the entry for this transaction?
-
Build a pushdown automaton using the given language: {a b ck dm | i, j, k, m 0, i = k, or j = m }
-
A 8.3 kg box slides up a 39 m incline at an angle of 30.0 degrees (relative to horizontal). Once the box has made it to the top of the incline how much gravitational potential energy did the box gain?
-
How is comprehensive income reported in the statement of changes in shareholders' equity?
-
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?
-
What constitutes significant influence when an investors financial interest is below the 50% level?
-
What constitutes significant influence when an investors financial interest is below the 50% level?
-
What constitutes significant influence when an investors financial interest is below the 50% level?
-
In January 2023, Marty's Fine Pens, a business carried on as a sole proprietorship, sells a limited-edition fountain pen for $125,000. The cost of the pen is $63,000. There is a down payment of...
-
An 90000 loan is amortized by payments of $1850 at the end of every 6 months at a rate of 2% compounded monthly 1. Construct a partial amortization schedule showing the last 2 payments 2. determine...
-
Kelso's has a return on equity of 15.2 percent, a debt-equity ratio of 44 percent, a capital intensity ratio of 1.08, a current ratio of 1.25, and current assets of $138,000. What is the profit...
Study smarter with the SolutionInn App