Business, 26.10.2021 02:40 liyahguyton

Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the year, there were 200 cartridges on hand that cost $60 each. During the year, Printer Supply purchased 1,400 cartridges at $60 each. After inspection, Printer Supply determined that 10 cartridges were defective and returned them to the supplier. Printer Supply also sold 800 cartridges at $89 each and sold an additional 750 cartridges at $102 each after a midyear selling price increase. Customers returned 15 of the cartridges that were purchased at $102 to Printer Supply for miscellaneous reasons. Assume that Printer Supply uses a perpetual inventory system. Requried:
a. Prepare summary journal entries to record the purchases, sales, and return of inventory.
b. What is the cost of ending inventory, cost of goods sold, and gross profit for 2019?

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 09:40

Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.

Answers: 1

Answer

Business, 22.06.2019 11:20

Ardmore farm and seed has an inventory dilemma. they have been selling a brand of very popular insect spray for the past year. they have never really analyzed the costs incurred from ordering and holding the inventory and currently fave a large stock of the insecticide in the warehouse. they estimate that it costs $25 to place an order, and it costs $0.25 per gallon to hold the spray. the annual requirements total 80,000 gallons for a 365 day year.a. assuming that 10,000 gallons are ordered each time an order is placed, estimate the annual inventory costs.b. calculate the eoq.c. given the eoq calculated in part b., how many orders should be placed and what is the average inventory balance? d. if it takes seven days to receive an order from suppliers, at what inventory level should ardmore place another order?

Answers: 2

Answer

Business, 22.06.2019 19:50

The common stock and debt of northern sludge are valued at $65 million and $35 million, respectively. investors currently require a return of 15.9% on the common stock and a return of 7.8% on the debt. if northern sludge issues an additional $14 million of common stock and uses this money to retire debt, what happens to the expected return on the stock? assume that the change in capital structure does not affect the interest rate on northern’s debt and that there are no taxes.

Answers: 2

Answer

Business, 23.06.2019 13:30

What is baruch shemtov's product, and how did he begin creating it? (site 1)

Answers: 3

Answer

You know the right answer?

Printer Supply Company sells computer printers and printer supplies. One of its products is a toner...

Questions