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Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $19,700 and credit terms of 3/10, n/60. The merchandise had cost Mesa $13,435. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.
1a) Prepare entries that the buyer should record for the purchase.
1b) Prepare entries that the buyer should record for the cash payment
2(a )Prepare entries that the seller should record for the sale
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Pie Safe company's beginning work in process inventory included 10,000 units that are 20% complete with respect to direct labor costs. A total of 35,000 units are completed this month.
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