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Perform a periodic physical count of leather sofas on hand

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B. J. Stewart Furniture Company had the following transactions relating to the purchase and sale of leather sofas. There was no beginning inventory.

Purchased 100 units on account at $1,000 per unit

Sold 75 units for cash at $2,000 per unit

Customers returned 3 defective units for cash refunds

Stewart returned the 3 defective units to its supplier for credit on account

(a) Assuming Stewart uses a periodic inventory system, what journal entries would be needed to record the preceding activity?

(b) Assuming Stewart uses a periodic inventory system, show the calculation of gross profit. You may assume that Stewart conducted a physical count of ending inventory and confirmed that 25 were still on hand.

(c) Assuming Stewart uses a perpetual inventory system, what journal entries would be needed to record the preceding activity?

(d) Assuming Stewart uses a perpetual inventory system, show the calculation of gross profit. If Stewart uses a perpetual system, would there be any need to perform a periodic physical count of leather sofas on hand?

Reference no: EM132385679

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