Solution-Compute the balance in the Inventory account at

Compute the balance in the Inventory account at January

Reference no: EM132514276

Question - STAR TRACK sells satellite's inventory amounted to $44,000 on December 31, 2017. During January, the company made the following transactions:

Jan 3: Sold a tracking system to Mystery Resort for $ 20,000 cash. The system's total cost to STAR TRACK is $11,200.

Jan 7: Purchased two Model 400 satellite dishes from Yamaha Co on account. The total cost of this purchase amounted to $10,000; terms 2/10, n/30.

Instructions -

a. Prepare journal entries to record these transactions assuming that STAR TRACK uses a perpetual system.

b. Compute the balance in the Inventory account at January 7.

c. Prepare journal entries to record these transactions assuming that STAR TRACK uses a periodic system.

d. Compute the cost of goods sold for the first week of January assuming use of the periodic system. As the amount of ending inventory use your answer to part b

e. Determine the gross profit on the January 3 sales transaction.

Reference no: EM132514276

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Compute the balance in the Inventory account at January

Reference no: EM132514276

Reference no: EM132514276

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