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LOUD BASE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. LOUD BASE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the “TOZO T6” earbuds:     A) Journalize the transactions for the month of October, assuming the company uses a: -  Periodic inventory system -  Perpetual inventory system

LOUD BASE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. LOUD BASE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the “TOZO T6” earbuds:     A) Journalize the transactions for the month of October, assuming the company uses a: -  Periodic inventory system -  Perpetual inventory system

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...
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LOUD BASE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. LOUD BASE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the “TOZO T6” earbuds:

 

 

A) Journalize the transactions for the month of October, assuming the company uses a:

    • -  Periodic inventory system

    • -  Perpetual inventory system

98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. October 8 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) October 31 November 4 A new batch of 67 cases was purchased at a total cost of $465,650 November 10 5 of the cases purchased on November 4 were returned to the supplier, as they were not of the type nor model ordered. November 30 During the month 60 cases were sold at a price of $10,350 each. A customer, to whom 9 cases were sold during the first business day of November, returned 3 of the cases, as they were of another make and model. December 4 Owing to an increased demand, a further 115 cases were purchased at a cost of $7,900 each; these were subject to a trade discount of 2% each. December 10 December 30 121 cases were sold during December at a unit selling price of $11,085. An actual count of inventory was carried out which revealed that there were 34 cases of the "TOZO T6" brand of merchandise in the store room. December 31
Transcribed Image Text:98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. October 8 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) October 31 November 4 A new batch of 67 cases was purchased at a total cost of $465,650 November 10 5 of the cases purchased on November 4 were returned to the supplier, as they were not of the type nor model ordered. November 30 During the month 60 cases were sold at a price of $10,350 each. A customer, to whom 9 cases were sold during the first business day of November, returned 3 of the cases, as they were of another make and model. December 4 Owing to an increased demand, a further 115 cases were purchased at a cost of $7,900 each; these were subject to a trade discount of 2% each. December 10 December 30 121 cases were sold during December at a unit selling price of $11,085. An actual count of inventory was carried out which revealed that there were 34 cases of the "TOZO T6" brand of merchandise in the store room. December 31
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