Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business
began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000.
The following transactions, relating to the “Aerosoles” brand were completed during the quarter:
October 3 Purchased 45 pairs of shoes at a cost of $1,900 each.
October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780
October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade
discount of 5%.
November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.
November 14 Owing to an increased demand for this brand, the manager of Classique purchased
80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally
there was freight charge of $100 on each pair.
November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.
November 30 A physical stock count on that date revealed that there were 42 pairs of the
“Aerosoles” brand in the warehouse.
December 4 Purchased 75 pairs of shoes at a total cost of $213,750.
December 15 5 pairs of the shoes purchased on December 4 were returned to the supplier as they
were of the wrong description.
December 30 Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.
All purchases were on account and received on the dates stated and Classique Designs uses the FIFO
method to account for inventory.
Required:
i) Prepare a perpetual inventory record for Classique Designs, to determine the value of
ending inventory at December 31, 2013, and the total amount to be assigned to cost of goods
sold for the period.
ii) Calculate the gross profit for the period.
iii) You are told that 15 of the units sold on November 24, 2013 were on account. State the journal
entries necessary to record the transactions on November 14 and November 24, assuming the
business uses the: – Periodic inventory system
– Perpetual inventory system.

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

 

All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory.

Required:

  1. Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory at December 31, 2013, and the total amount to be assigned to cost of goods sold for the period.

 

2. Calculate the gross profit for the period.

 

3. You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the:

– Periodic inventory system

– Perpetual inventory system.

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory.

Required: 

  1. You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the: Periodic inventory system.

         Perpetual inventory system.

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory.

Required: 

1. You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the:   Perpetual inventory system.

 

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory.

Required: 

1. You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the:   Periodic inventory system

 

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The busines began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000.

The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased  70  pairs  at  a  cost  of  $2,400  each  but  these  were  subject  to  a  trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A  physical  stock  count  on  that  date  revealed  that  there  were  42  pairs  of  the

Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses the FIFOmethodto account for inventory.

Required:

i)                  Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory at December 31, 2013, and the total amount to be assigned to cost of goods sold for the period.

ii)                Calculate the gross profit for the period.

iii)             You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the:                   – Periodic inventory system

– Perpetual inventory system.

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business
began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000.
The following transactions, relating to the “Aerosoles” brand were completed during the quarter:
October 3 Purchased 45 pairs of shoes at a cost of $1,900 each.
October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780
October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade
discount of 5%.
November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.
November 14 Owing to an increased demand for this brand, the manager of Classique purchased
80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally
there was freight charge of $100 on each pair.
November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.
November 30 A physical stock count on that date revealed that there were 42 pairs of the
“Aerosoles” brand in the warehouse.
December 4 Purchased 75 pairs of shoes at a total cost of $213,750.
December 15 5 pairs of the shoes purchased on December 4 were returned to the supplier as they
were of the wrong description.
December 30 Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.
All purchases were on account and received on the dates stated and Classique Designs uses the FIFO
method to account for inventory.

 

You are told that 15 of the units sold on November 24, 2013 were on account. State the journal
entries necessary to record the transactions on November 14 and November 24, assuming the
business uses the: – Periodic inventory system
– Perpetual inventory system.

 

 

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

 

  1. You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the:

– Periodic inventory system

– Perpetual inventory system.

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business

beganthe last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000.

The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

 

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased  70  pairs  at  a  cost  of  $2,400  each  but  these  were  subject  to  a  trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A  physical  stock  count  on  that  date  revealed  that  there  were  42  pairs  of  the

Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses the FIFOmethodto account for inventory.

Required:

  1. i)                  Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory at December 31, 2013, and the total amount to be assigned to cost of goods sold for the period.
  2. ii)                Calculate the gross profit for the period.

iii)             You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the:                   – Periodic inventory system

 

 

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory.

Required:

  1. Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory at December 31, 2013, and the total amount to be assigned to cost of goods sold for the period.
  2. Calculate the gross profit for the period.
  3. You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the: Periodic inventory system. 

Classique Designs sells a vari

 

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each

October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000

November 14

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

 

 

 

Purchases

Cost of Goods Sold

Ending Inventory

Date

Units

Per Unit

Total ($)

Units

Per Unit

Total($)

Units

Per Unit

Total ($)

Opening balance

 

 

 

 

 

30

1,800

54,000

03 Oct

45

1,900

85,500

 

 

 

30

1,800

54,000

 

 

 

 

 

 

 

45

1,900

85,500

15 Oct

 

 

 

30

1,800

54,000

 

 

 

 

 

 

 

25

1,900

47,500

20

1,900

38,000

 

 

 

 

 

 

 

70

2,280

159,600

10 Nov

 

 

 

20

1,900

38,000

 

 

 

 

 

 

 

40

2,280

91,200

30

2,280

68,400

14 Nov

80

2,600

20,800

 

 

 

30

2,280

68,400

 

 

 

 

 

 

 

80

2,600

20,800

24 Nov

 

 

 

30

2,280

68,400

 

 

 

 

 

 

 

20

2,600

78,000

50

2,600

130,000

30 Nov

 

 

 

8

2,600

20,800

42

2,600

109,200

4 Dec

75

2,850

213,750

 

 

 

42

2,600

109,200

 

 

 

 

 

 

 

75

2,850

213,750

15 Dec

-5

2,850

-14250

 

 

 

42

2,600

109,200

30 Dec

 

 

 

42

2,600

109,200

70

2,850

199,500

 

 

 

 

28

2,850

79,800

42

2,850

119,700

Total

265

 

652,600

253

 

586,900

42

2,850

119,700

  1. Calculate the gross profit for the period.

 

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls. The business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000. The following transactions, relating to the “Aerosoles” brand were completed during the quarter:

 

October 3

Purchased 45 pairs of shoes at a cost of $1,900 each.

 October 15

Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780

 October 26

Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

 November 10

Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

 November 14

 

Owing to an increased demand for this brand, the manager of Classique purchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24

Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

 November 30

A physical stock count on that date revealed that there were 42 pairs of the “Aerosoles” brand in the warehouse.

December 4

Purchased 75 pairs of shoes at a total cost of $213,750.

December 15

 

5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

 December 30

Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400

All purchases were on account and received on the dates stated and Classique Designs uses the FIFO method to account for inventory.

 

Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory at December 31, 2013, and the total amount to be assigned to cost of goods sold for the period.

 

 Calculate the gross profit for the period

 

 You are told that 15 of the units sold on November 24, 2013 were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the: a)  Periodic inventory system  b) Perpetual inventory system

Classique Designs sells a vari

Classique Designs sells a variety of merchandise, including school shoes for girls.  the business began the last quarter of 2013 with 30 pairs of the “Aerosoles” brand at a total cost of $54,000.  the following transaction, relating to the “Aerosoles” brand were completed during the quarter:

October 3  Purchased 45 pairs of shoes at a cost of $1,900 each.

October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780.

October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%.

November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000.

November 14 Owing to an increased demand for this brand, the manager of Classique puirchased 80 additional pairs of the “Aerosole” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair.

November 24 Sold 60 pairs of shoes to Big Buy Company at a price of $3,600 each.

November 30 Aphysical stock count on that date revealed that there were 42 pairs of the “Aerosoles”  brand in the warehouse.

December 4 Purchased 75 pairs of shoes at a total of $213,750.

December 15 5 pairs of the shoes purchased on December 4 were returned to the supplier as they were of the wrong description.

December 30 Sold 70 pairs to Regal Ltd. at a unit selling price of $4,400.

All purchases were on account and received on the dates stated and Classique Designs uses FIFO method to account for inventory.

Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory on December 31, 2013, and the total amount to be assigned to the cost of goods sold for the period.

Calculate the gross profit for the period.

15 of the units sold on November 24, 2013, were on account.  State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the: Periodic inventory system and the Perpetual inventory system.

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