Fabulous Fays is a boutique clothing store in San Diego. Fays uses a perpetual inventory...
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Fabulous Fays is a boutique clothing store in San Diego. Fays uses a perpetual inventory system. In March, Fays purchased a type of swimwear designed to be slimming to the wearer. It purchased twenty suits of varying sizes for $each and priced them at $ each. They sold out almost immediately, so Fay purchased forty more suits in April for $each and sold thirtyeight of them for $ each. Again in July, Fay made one more purchase of twenty suits at $each and sold fifteen of them for $ each. Fay decided not to put the rest of her inventory on sale at the end of the summer, but to hold onto it until cruise season started the following winter. She believed she could sell the rest then without having to mark them down. Make the journal entries for the purchases Fay made. Make the journal entries for the sales Fay made. Determine the balance in ending inventory on December Fay performed a physical count on December and determined that three of the swimsuits had been severely damaged due to a leaky pipe. Make the journal entry to show the loss of this inventory.
Fabulous Fays is a boutique clothing store in San Diego. Fays uses a perpetual inventory system. In March, Fays purchased a type of swimwear designed to be slimming to the wearer. It purchased twenty suits of varying sizes for $each and priced them at $ each. They sold out almost immediately, so Fay purchased forty more suits in April for $each and sold thirtyeight of them for $ each. Again in July, Fay made one more purchase of twenty suits at $each and sold fifteen of them for $ each. Fay decided not to put the rest of her inventory on sale at the end of the summer, but to hold onto it until cruise season started the following winter. She believed she could sell the rest then without having to mark them down.
Make the journal entries for the purchases Fay made.
Make the journal entries for the sales Fay made.
Determine the balance in ending inventory on December
Fay performed a physical count on December and determined that three of the swimsuits had been severely damaged due to a leaky pipe. Make the journal entry to show the loss of this inventory.
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