Question
a. Jill’s Dress Shop had a beginning balance in its inventory account of $40,500. During the...
a. Jill’s Dress Shop had a beginning balance in its inventory
account of $40,500. During the accounting period, Jill’s purchased
$76,500 of inventory, returned $5,100 of inventory, and obtained
$760 of purchases discounts. Jill’s incurred $1,020 of
transportation-in cost and $610 of transportation-out cost.
Salaries of sales personnel amounted to $31,500. Administrative
expenses amounted to $36,100. Cost of goods sold amounted to
$83,300.
What is the costs of goods available for sale and ending
inventory?
b. Ken’s Bait Shop had a beginning balance in its inventory
account of $8,200. During the accounting period, Ken’s purchased
$37,700 of inventory, obtained $1,220 of purchases allowances, and
received $370 of purchases discounts. Sales discounts amounted to
$650. Ken’s incurred $920 of transportation-in cost and $270 of
transportation-out cost. Selling and administrative cost amounted
to $12,400. Cost of goods sold amounted to $34,100.
What is the costs of goods available for sale and ending
inventory?
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