Office Depot

Date Account Titles and Explanation Debit Credit

Sep. 6 Inventory 1,690
Accounts Payable 1,690

Sep. 9 Inventory 50
Cash 50

Sep. 10 Accounts Payable 64

Inventory 64

Sep. 12 Accounts Receivable 760

Sales Revenue 760

Sep. 12 Cost of Goods Sold 510

Inventory 510

Sep. 14 Sales Returns and Allowances 35

Accounts Receivable 35

Sep. 14 Inventory 23
Cost of Goods Sold 23

Sep. 20 Accounts Receivable 850

Sales Revenue 850

Sep. 20 Cost of Goods Sold 680

Inventory 680
a)
Sunland
Date Account Titles and Explanation Debit Credit
June 10 Inventory 6,700
Accounts Payable 6,700

June 11 Inventory 380

Cash 380

June 12 Accounts Payable 700

Inventory 700

June 19 Accounts Payable 6,000

Cash 5,880
Inventory 120

b)
Blossom Company
Date Account Titles and Explanation Debit Credit
June 10 Accounts Receivable 6,700
Sales Revenue 6,700

June 10 Cost of Goods Sold 2,870

Inventory 2,870

June 11 No Entry

June 12 Sales Returns and Allowances 700

Accounts Receivable 700

June 12 Inventory 240

Cost of Goods Sold 240

June 19 Cash 5,880

Sales Discounts 120
Accounts Receivable 6,000
 Marin Inc
Income Statement
December 31, 2017
Net Sales $2,728,000
Cost of Goods Sold $1,557,440
Gross Profit $1,170,560
Operating Expenses $899,000
Income from Operations $271,560
Interest Revenue $40,920
Interest Expense -$86,800
Income before Income Taxes $225,680
Income Tax Expense $58,280
Net Income $167,400

b)
Marin Inc
Comprehensive Income Statement
December 31, 2017
Net Income $167,400
Loss on Disposal of Plant Assets $21,080
Other comprehensive income (net of $1,490 tax) $10,290 $31,370
Total Comprehensive Income $198,770
Monty Corp
Units Sold 74

Date Explanation Units Unit Cost Total Cost

May 1 Inventory 32 $8 $256
15 Purchase 23 $9 $207
24 Purchase 37 $10 $370
92 $833
a)
Weighted-average unit cost $9.054 $9.054

b)
Units in Ending Inventory 18

FIFO LIFO Average Cost

The ending inventory at May 31 $180 $144 $163
Headlands Industries
Coffee Bean Units Unit Cost Market
Coffee arabica 12,000 $5.90 $5.87
Coffee robusta 5,000 $3.40 $3.50

Tascons inventory $87,440

Inventory Value at Lower-of-Cost or Market
$70,440
$17,000