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University Of California, San Diego Operations And Supply Chain Management Assignment Help - Inventory Accounting

Question - 1. Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of June, Ready-Set-Go s inventory consisted of suitcases costing $2,400. During the month of July, the following merchandising transactions occurred. July 1 Purchased suitcases on account for $3,400 from Trunk Manufacturers, FOB destination, terms 3/10, n/30. The appropriate party also made a cash payment of $180 for freight on this date. 3 Sold suitcases on account to Satchel World for $3,600. The cost of suitcases sold is $2,160. 9 Paid Trunk Manufacturers in full. 12 Received payment in full from Satchel W orld. 17 Sold suitcases on account to Lady GoGo for $1,900. The cost of the suitcases sold ...Read More

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