47) A company which uses the perpetual inventory system purchased an order of 500 pallets of industrial soap for $8,000 and paid $750 for the freight-in. The company sold the whole lot to a supermarket chain for $10,000 on account. The company uses the specific-identification-method of inventory costing. Which of the following entries correctly records the Cost of goods sold?
A)
Cost of goods sold
|
8,750
|
|
Inventory
|
|
8,750
|
B)
Inventory
|
8,750
|
|
Cost of goods sold
|
|
8,750
|
C)
Cost of goods sold
|
8,000
|
|
Sales revenue
|
|
8,000
|
D)
Cost of goods sold
|
8,000
|
|
Inventory
|
|
8,000
|
48) A company uses the perpetual inventory system in connection with the specific-identification-method. The company purchased 30 industrial diamonds for $500 per unit. Later in the month, they purchased another 20 diamonds from another supplier for $480 per unit. On the last day of the month, they sold 18 diamonds to a customer at a price of $800 per unit. Of the 18 diamonds, 3 came from the first batch and the remainder came from the second batch. Which of the following journal entries correctly records the Sales revenues?
A)
Cash
|
14,400
|
|
Sales revenue
|
|
14,400
|
B)
Sales revenue
|
14,400
|
|
Inventory
|
|
14,400
|
C)
Cash
|
8,700
|
|
Sales revenue
|
|
8,700
|
D)
Inventory
|
8,700
|
|
Sales revenue
|
|
8,700
|
49) A company uses the perpetual inventory system in connection with the specific-identification method. The company purchased 30 industrial diamonds for $500 per unit. Later in the month, they purchased another 20 diamonds from another supplier for $480 per unit. On the last day of the month, they sold 18 diamonds to a customer at a price of $800 per unit. Of the 18 diamonds, 3 came from the first batch and the remainder came from the second batch. Which of the following journal entries correctly records the Cost of goods sold?
A)
Inventory
|
14,400
|
|
Cost of goods sold
|
|
14,400
|
B)
Sales revenue
|
14,400
|
|
Inventory
|
|
14,400
|
C)
Cost of goods sold
|
8,700
|
|
Sales revenue
|
|
8,700
|
D)
Cost of goods sold
|
8,700
|
|
Inventory
|
|
8,700
|
50) Henderson Sales purchased $500 of inventory on account. Please provide the journal entry.
51) Henderson Sales sold 400 units of product to a customer on account. The selling price was $25 per unit, and the cost, according to the company's inventory records, was $12 per unit. Please provide the journal entry to record the Sales revenue.
52) Henderson Sales sold 400 units of product to a customer on account. The selling price was $25 per unit, and the cost, according to the company's inventory records, was $12 per unit. Please provide the journal entry to record Cost of goods sold.