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Prepare the extract of the income statement

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Reference no: EM132977024

Question - The selling price of a microphone is $90.Tivoli Ltd.'s is a distributor of microphones used in the music industry. On 1 June, Tivoli Ltd had 300 microphones on hand at a total cost of $40 each. Tivoli Ltd related transactions for the month of June are as follows:

4 June Purchases on credit from Yamaha terms 10/7 n/30, 400 units

7 June Purchases returns to Yamaha, 30 units

10 June Paid Yamaha in full settlement

18 June Sales on credit to Cold Play terms 2/7 n/30, 200 units

23 June Sales returns from Cold Play, 10 units

24 June Received from Cold Play in full settlement

30 June Stock take 415 units

Required -

(a) Record the above transactions for the month of June in the general journal using the perpetual inventory method. Narrations are not required. Ignore GST.

(b) Prepare the extract of the Income Statement to Gross Profit for the month of June under the periodic method of recording inventory.

Reference no: EM132977024

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