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Question - Recording Purchases and Sales
Cabral Office Products sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of 2019, there were 200 cartridges on hand at a cost of $60 each. During 2019, Cabral Office Products purchased 1,400 cartridges at $60 each. After inspection, Cabral determined that 10 cartridges were defective and returned them to the supplier. Cabral also sold 800 cartridges at $88 each and sold an additional 750 cartridges at $102 each after a midyear selling price increase. Customers returned 15 of the cartridges that were purchased at $102 to Cabral for miscellaneous reasons. Assume that Cabral Office Products uses a perpetual inventory system.
Required -
1. Record the entry for the sales during the year.
2. Record the entry for the cost of goods sold related to the sales during the year.
3. Record the entry for the return, by customers, of the cartridges to Cabral Office Products.
4. What is the cost of ending inventory, cost of goods sold, and gross profit for 2019?
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