(a) On July 1, Blue Spruce Co. sold merchandise on account to Waegelein Inc. for $17,300, terms 2/10, n/30. (b) On July 8, Waegelein Inc. returned merchandise worth $4,000 to Blue Spruce Co. (c) On July 11, Waegelein Inc. paid for the merchandise. Account Titles and Explanation Debit Credit (a) enter an account title Accounts Receivable enter a debit amount 17300 enter a credit amount enter an account title Sales Revenue enter a debit amount enter a credit amount 17300 (b) enter an account title Sales Returns and Allowances enter a debit amount 4000 enter a credit amount enter an account title Accounts Receivable enter a debit amount enter a credit amount 4000 (c) enter an account title Cash enter a debit amount enter a credit amount enter an account title Sales Discounts enter a debit amount enter a credit amount enter an account title Accounts Receivable enter a debit amount enter a credit amount

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.

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Computing equivalent units is especially important for: (a) goods that take a relatively short time to produce, such as plastic bottles. (b) goods with sustainability implications in their production processes. (c) goods that are started and completed during the same period. (d) goods that take a long time to produce, such as airplanes.