ity A had the following transactions during the period: Purchased goods worth P90,000 on account. Paid...

 

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ity A had the following transactions during the period: Purchased goods worth P90,000 on account. Paid transportation costs of P7,000 on the purchase above. Returned damaged goods worth P2,000 to the supplier. Sold goods costing P80,000 for P132,000 on account. A customer returned goods with sale price of P9,000 and cost of P6,000. Requirements: Provide the journal entries under the Perpetual inventory system and Periodic inventory system, respectively. Compute for the cost of goods sold under each of the inventory systems. The physical count of inventory reveals an ending inventory balance of $21,000. ity A had the following transactions during the period: Purchased goods worth P90,000 on account. Paid transportation costs of P7,000 on the purchase above. Returned damaged goods worth P2,000 to the supplier. Sold goods costing P80,000 for P132,000 on account. A customer returned goods with sale price of P9,000 and cost of P6,000. Requirements: Provide the journal entries under the Perpetual inventory system and Periodic inventory system, respectively. Compute for the cost of goods sold under each of the inventory systems. The physical count of inventory reveals an ending inventory balance of $21,000.

Answer rating: 100% (QA)

Journal Entries and Cost of Goods Sold Perpetual Inventory System DateAccountDebitCreditDescription ... View the full answer