(15 points) On June 1, Grill Master Ltd. had an inventory of 10 barbeques at a cost of $440 each. Grill Master uses a periodic inventory system. During the month of June the following transactions occurred: Jun 3 Purchased 25 barbeques at a cost of $440 each from BBQ King Ltd., terms n/30. 5 Paid $200 freight for the barbeques purchased on June 3. 6 Sold 12 barbeques to Outdoor Grill for $760 each, term n/30. The returns estimate was 5%. 7 Received credit from BBQ King for the return of two defective barbeques. 13 Issued a credit to Outdoor Grill for the return of one defective barbeque. 16 Received a credit from BBQ King for the defective barbeque returned by Outdoor Grill. 19 Purchased 10 barbeques from Backyard Barbecues at a cost of $440 each, terms 2/10, n/30. 20 Paid freight of $200 on the June 19 purchase. On June 30, Grill Masters ending inventory was $6,440 Instructions (a) Prepare journal entries to record the above transactions. (b) Calculate the cost of goods sold for June.

Answer rating: 100% (QA)

a Journal Entries June 3 Inventory 25 barbeques 440 11000 Accounts Payable BBQ King Ltd 11000 To rec... View the full answer