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# 1- On June 15- Oakley Inc- sells merchandise on account to Sunglass Hu.docx

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# 1- On June 15- Oakley Inc- sells merchandise on account to Sunglass Hu.docx

1.
On June 15, Oakley Inc. sells merchandise on account to Sunglass Hut (SH) for \$8,500, terms 1/10, n/30. On June 20, SH returns to Oakley merchandise that SH had purchased for \$1,800. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley?
2.
The Tuck Shop began the current month with inventory costing \$25,565, then purchased inventory at a cost of \$63,890. The perpetual inventory system indicates that inventory costing \$70,500 was sold during the month for \$73,850. If an inventory count shows that inventory costing \$18,630 is actually on hand at month-end, what amount of shrinkage occurred during the month?
Solution
1. Amount Paid = (8500 -1800) * 99/100 = \$6633 (B)
2. Shrinkage = \$ 25565 +63890 -70500 -18630 = \$ 325 (B)
Thankyou :)
.

1.
On June 15, Oakley Inc. sells merchandise on account to Sunglass Hut (SH) for \$8,500, terms 1/10, n/30. On June 20, SH returns to Oakley merchandise that SH had purchased for \$1,800. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley?
2.
The Tuck Shop began the current month with inventory costing \$25,565, then purchased inventory at a cost of \$63,890. The perpetual inventory system indicates that inventory costing \$70,500 was sold during the month for \$73,850. If an inventory count shows that inventory costing \$18,630 is actually on hand at month-end, what amount of shrinkage occurred during the month?
Solution
1. Amount Paid = (8500 -1800) * 99/100 = \$6633 (B)
2. Shrinkage = \$ 25565 +63890 -70500 -18630 = \$ 325 (B)
Thankyou :)
.

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### 1- On June 15- Oakley Inc- sells merchandise on account to Sunglass Hu.docx

1. 1. 1. On June 15, Oakley Inc. sells merchandise on account to Sunglass Hut (SH) for \$8,500, terms 1/10, n/30. On June 20, SH returns to Oakley merchandise that SH had purchased for \$1,800. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley? 2. The Tuck Shop began the current month with inventory costing \$25,565, then purchased inventory at a cost of \$63,890. The perpetual inventory system indicates that inventory costing \$70,500 was sold during the month for \$73,850. If an inventory count shows that inventory costing \$18,630 is actually on hand at month-end, what amount of shrinkage occurred during the month? On June 15, Oakley Inc. sells merchandise on account to Sunglass Hut (SH) for \$8,500, terms 1/10, n/30. On June 20, SH returns to Oakley merchandise that SH had purchased for \$1,800. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley? Solution Answers: 1. Amount Paid = (8500 -1800) * 99/100 = \$6633 (B) 2. Shrinkage = \$ 25565 +63890 -70500 -18630 = \$ 325 (B) Thankyou :)