PROBLEM 10-19 SUNDOWN COMPANY

Inventory 7,600,000
Goods purchased, FOB Shipping point 250,000
Goods sold, FOB destination 260,000
Goods sold, FOB Shipping point (850,000)
Goods purchased, FAS 350,000
Goods sold, FOB destination 840,000
Inventory 8,450,000 – D

PROBLEM 10-20 WHITE COMPANY

Net sales 5,000,000
Sales return (50,000)
Goods shipped on Dec 31, 2020 300,000
Invoice recorded prior to shipment (200,000)
Net sales 5,050,000 – A

PROBLEM 10-21 PURPLE COMPANY

Sales 4,000,000
Sales returns, within 30 days (4M x 7%) (280,000)
Sales return, within 90 days (4M x 3%) (120,000)
Net sales 3,600,000 – A

PROBLEM 10-22 YELLOW COMPANY

Answer: A – 750,000

PROBLEM 10-23 INDOMITABLE COMPANY

Sales revenue = 50,000 x 30 = 1,500,000 – B

PROBLEM 10-24 FANCY COMPANY

1. Inventory 1,250,000
A (165,000)
B (20,000)
D 210,000
E 25,000
Inventory 1,300,000 – A

2. Accounts payable 1,000,000

A (165,000)
E 25,000
Accounts Payable 860,000 – D

3. Sales 9,000,000
C 40,000
Sales 9,040,000 – C