Reference no: EM13182262
The Bennington Company uses the perpetual inventory system and the FIFO inventory cost method. The Bennington Company also uses the net method to record credit sales and purchases of merchandise. The Bennington Company sells one unit of merchandise for $40.
The Bennington Company has a beginning merchandise inventory of 100 units @ $25 each. These 100 units were purchased under the terms 2/10, n/30. Of the 100 units purchased, 80 of the units were paid for within the 10 day discount period and 20 of the units were paid for after the discount period.
The Bennington Company had the following transactions during March:
March 5:
The Bennington Company purchased 400 units of merchandise @ $27 each with the terms of 2/10, n/30 from the ABC Company.
March 7:
The Bennington Company sold 200 units of merchandise to customers with the terms of 2/10, n/30.
March 9:
The Bennington Company returned 50 defective units of merchandise that were purchased on March 5, to the ABC Company.
March 10:
The Bennington Company purchased 300 units of merchandise @ $28 from the DEF Company under the terms of 1/10, n/30.
March 12:
The Bennington Company paid the ABC Company $5,292 towards the balance owed from the purchase of 400 units on March 5.
ACCT310 Chapter Eight Outline Continued 14th Edition: Page 17 of 18
March 15:
The Bennington Company sold 250 units of merchandise under the terms of 2/10, n/30.
March 17:
Customers paid the Bennington Company for 150 of the 200 units sold on March 7.
March 18:
Customers returned 10 units to the Bennington Company that were sold on March 15 and received credit. The merchandise returned was determined to be resalable by the Bennington Company.
March 19:
The Bennington Company paid the remaining balance owed to the ABC Company.
March 20:
The Bennington Company paid the DEF Company for the 300 units purchased on March 10.
March 21:
Customers paid the Bennington Company for the remaining balance owed from the items sold on March 7.
March 22:
Customers paid the Bennington Company for 100 of the 250 units sold on March 15.
March 25:
The Bennington Company purchased 200 units of merchandise from the GHI Company @ $30, under the terms of 1/10, n/30.
March 27:
The Bennington Company sold 300 units of merchandise under the terms of 2/10, n/30.
ACCT310 Chapter Eight Outline Concluded 14th Edition: Page 18 of 18
March 30:
Customers paid the remaining balance owed to the Bennington Company for the items sold on March 15.
Required Portion of The Problem Assignment:
1.Compute Gross and Net Sales for March
2.Compute the March 31 ending merchandise inventory value.
3.Determine the Cost of Goods Sold for March.
4.Record all 15 transactions listed above.
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