case #8A

In-Class Case #8A - Chapter 8 Jones Company, a manufacturing firm, experienced the following inventory activity during the period: Day 1 Purchased $9,000 of inventory from Edward Company, terms 2/10, n/30. Day 5 Paid $500 freight on the purchase from Edward Company. Day 10 Paid for the inventory purchased from Edward Company. Day 15 Purchased $14,000 of inventory from Smith Company, terms n/60. Day 18 Purchased $7,000 of inventory from Doe Company, terms 1/10, n/30 Day 31 Paid for the purchase from Doe Company. Required (label each section with the method and system used): Record these events using the gross price method and the periodic inventory system. 2. Record these events using the gross price method and the perpetual inventory system. Record these events using the net price method and the periodic inventory system. Record these events using the net price method and the perpetual inventory system. Compare the ending inventory resulting under requirement #2 to that of requirement #4