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geniusboy [140]
3 years ago
10

Prepare the journal entries to record the following transactions on McLeena Company's books using a perpetual inventory system.(

a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account, terms 2/10, n/30. The cost of the merchandise sold was $540,000. (b) On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000. (c) On March 12, Borst Company received the balance due from McLeena Company.
Business
1 answer:
DedPeter [7]3 years ago
8 0

Answer:

Journal Entry are given below

Explanation:

solution

Journal Entry are as

PERPETUAL INVENTORY SYSTEM

                                                                         debit                  credit

(1) March 2, Merchandise inventory               $800,000                      

                   Borst Company                                                       $800,000

               ( record Inventory purchase )

(2)  March 6,

                    Borst Company                             $140,000

                    Merchandise inventory                                           $140,000

                   ( record goods return )

(3) March 12,

                 Borst Company (800000-140000)     $660,000

                Cash  (800000-140000) ×98%                                 $646,800

                 Merchandise inventory                                               $13,200

                 (800000-140000)× 2%

                 ( record goods return )

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Calculation of Cost of Goods Sold: Periodic Inventory System with Sales Returns and Allowances
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Answer:

 73,450  COGS

Explanation:

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This will be the total cost available for sale.

Then we subtract the ending inventory to get the COGS

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Answer:

Contribution margin per unit: $42.9

Total contribution margin: $8,580

Explanation:

The contribution margin per unit is calculated by calculating the total contribution margin, which is basically the total sales, minus the costs of production, in this cae we have that we sold:

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The total contribution margin is equal to $8850.

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Answer:

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