Newell Company used a perpetual inventory system and completed the following transactions in October: Credit Sales Date Oct. 3 Oct. 11 Oct. 21 Oct. 23 Oct. 27 Amount $ 1,600 1,850 8,400 5,300 7,000 Terms 2/10, n/30 3/10, n/30 n/10 EOM 2/10, n/30 1/10 EOM Sales Returns Date Oct. 14 Oct. 23 Oct. 27 Oct. 29 Amount $ 600 500 250 1,500 Instructions Indicate the cash received for each collection. Show your calculations. Date of Collection Oct. 8 Oct. 16 Oct. 31 Nov. 2 Nov. 9

Newell Company used a perpetual inventory system and completed the following transactions in October: Credit Sales Date Oct. 3 Oct. 11 Oct. 21 Oct. 23 Oct. 27 Amount $ 1,600 1,850 8,400 5,300 7,000 Terms 2/10, n/30 3/10, n/30 n/10 EOM 2/10, n/30 1/10 EOM Sales Returns Date Oct. 14 Oct. 23 Oct. 27 Oct. 29 Amount $ 600 500 250 1,500 Instructions Indicate the cash received for each collection. Show your calculations. Date of Collection Oct. 8 Oct. 16 Oct. 31 Nov. 2 Nov. 9

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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