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Question: Grindstone Paving has the following information for one item they sell. At the beginning of July, they had 50 units with a cost of $25 each. Grindstone uses the perpetual inventory system and uses FIFO for inventory valuation. Grindstone charges 5% sales tax on all sales.
Prepare the following journal entries. Use the table below the transactions to calculate inventory valuation.
Date
Transaction
Jul 8
Purchased 500 units at $26 each on account, terms 2/10, net 30.
Jul 10
A portion of the inventory from the above purchase was defective. Grindstone returned 100 units to the supplier.
Jul 12
Sold 300 units to SouthShore on account at $60 per unit plus tax, terms 2/10, net 30.
Jul 14
The customer from Jul 12 returned 30 units that were not needed. Process the return, including sales tax.
Jul 18
The customer from Jul 12 paid their amount owing and claimed their discount. Note the discount is not taken on the sales tax amount.
Jul 22
Purchased 350 units on account at $27 per unit with terms of 3/10, net 30.
Jul 23
Sold 200 units for $60 each plus tax. Received cash.
Jul 25
Took advantage of discount offered and paid up amount owing from the Jul 22 purchase.
Jul 31
Remitted the sales tax owing to the government.
Grindstone provides warranties on the products they sell. They estimate the warranty to be $2 for each item sold (less any returns).
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