30 Jun Perpetual and Periodic Inventory System questions
Perpetual and Periodic Inventory System questions
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3 months ago
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Question Description
Answer three exercises and follow the topic
Tags: accounting perpetual inventory system acct 1036 acct 1036 Periodic Inventory FOB shipping point
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Exercise 1 On October 1, Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1,150 each. During the month of October, the following transactions occurred: Oct 3 Purchased 10 bikes at a cost of $1,150 each from the Lyons Bike Company, terms n/30. 6 Sold 10 bikes for $1,500 each, terms n/30. 6 Freight of $250 on the October 6 sale was FOB shipping point. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to a customer for the return of a bike. The bike was returned to inventory. 19 Purchased 8 bikes from Huffy Cycle Company at a cost of $1,125 each, terms 2/10, n/30. 20 Freight of $220 on the October 19 purchase was FOB shipping point. 29 Paid for the
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