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stepladder [879]
2 years ago
7

B. Lopez Company reports unadjusted first-year merchandise sales of 221,000 and cost of merchandise sales of $64,000. The compan

y expects future returns and allowances equal to 5% of sales and 5% cost of sales. The year-end adjusting entry to record the cost side of sales returns and allowances is:
Business
1 answer:
Annette [7]2 years ago
3 0

Answer: See explanation

Explanation:

The year-end adjusting entry to record the cost side of sales returns and allowances will be:

Dr Inventory Return estimated $3200

Cr Cost of goods sold $3200

(To record expected coat of returns)

Note that the above calculation was done as:

= $64,000 × 5%

= $64,000 × 0.05

= $3200

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