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Expensing Inventory
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Apr 2. Britt received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB shipping Point. Britt paid the freight bill amounting to $2,000. 4.Britt returned $2,500 of the merchandise billed on April 2 because it was defective. 5. Britt sold $8,000 of merchandise on account,...
Perpetual inventory method
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I can't seem to figure out how to journalize some information using the Perpetual inventory method. Here is the information. a) Sold merchandise on account, for $10,000. The cost of the merchandise sold was $4,500. b) Sold merchandise to customers who used MasterCard and VISA, $8,500. The...
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Does a decrease in inventory turnover for the current year compared to the prior year indicate an improvement in the management of inventory? View more questions Search
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