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Record the repackaging of good

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Question - Maypole Industries imports goods from Taiwan and resells them to domestic Canadian markets. Maypole uses a perpetual inventory system. A typical transaction stream follows:

18 July Purchased goods for $454,000.

24 August Goods repackaged and ready for sale. Cost incurred, $59,500.

10 September Goods delivered to customer. Agreed-on price, $706,200.

22 November Customer paid.

Required - Prepare journal entries assuming that the revenue is recognised the following critical events: Delivery to customer.

Record the purchase of goods.

Record the repackaging of good.

Record the delivery of goods.

Record the change in inventory.

Record the payment received.

Reference no: EM133062965

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