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Presented below is information related to Rembrandt Inc.'s inventory.
(per unit) Skis Boots Parkas
Historical cost $275.31 $153.59 $76.80
Selling price 314.43 210.11 106.86
Cost to distribute 27.53 11.59 3.62
Current replacement cost 294.15 152.15 73.90
Normal profit margin 46.37 42.02 30.79
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 54 units that cost $32 each. During June, the company purchased 161 units at $32 each, returned 6 units for credit, and sold 134 units at $54 each. Journalize the June transactions.
Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade's inventory records for Product BAP.
Floyd Corporation has the following four items in its ending inventory.
Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $262,150 at both cost and market value. At December 31, 2013, the inventory was $350,350 at cost and $329,525 at market value. Prepare the necessary December 31 entry under:
Garcia Corporation purchased a truck by issuing an $95,200, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round answers to 0 decimal places, e.g. 15,510. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Hint: Use tables in text.)
Mehta Company traded a used welding machine (cost $11,880, accumulated depreciation $3,960) for office equipment with an estimated fair value of $6,600. Mehta also paid $3,960 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Fernandez Corporation purchased a truck at the beginning of 2012 for $51,660. The truck is estimated to have a salvage value of $2,460 and a useful life of 196,800 miles. It was driven 28,290 miles in 2012 and 38,130 miles in 2013. Compute depreciation expense for 2012 and 2013.(Round answers to 0 decimal places, i.e. 2,250.)