The transactions listed below are typical of those involving amalgamated textiles and american fashions. amalgamated is a wholesale merchandiser and american fashions is a retail merchandiser. assume all sales of merchandise from amalgamated to american fashions are made with terms n/60, and the two companies use perpetual inventory systems. assume the following transactions between the two companies occurred in the order listed during the year ended december 31. a. amalgamated sold merchandise to american fashions at a selling price of $270,000. the merchandise had cost amalgamated $191,000. b. two days later, american fashions returned goods that had been sold to the company at a price of $27,500 and complained to amalgamated that some of the remaining merchandise differed from what american fashions had ordered. amalgamated agreed to give an allowance of $9,000 to american fashions. the goods returned by american fashions had cost amalgamated $19,270 c. just three days later, american fashions paid amalgamated, which settled all amounts owed required: 1. for each of the events (a) through (d), indicate the amount and direction of the effect on amalgamated textiles in terms of the following items. (enter any decreases to account balances with a minus sign.) sales allowances transaction sales revenues sales returns net sales cost of goods sold gross profit a. c.

Maria am corporation uses the weighted-average method in its process costing system. the baking department is one of the processing departments in its strudel manufacturing facility. in june in the baking department, the cost of beginning work in process inventory was $4,880, the cost of ending work in process inventory was $1,150, and the cost added to production was $25,200. required: prepare a cost reconciliation report for the baking department for june.

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?

Lin corporation has a single product whose selling price is $136 per unit and whose variable expense is $68 per unit. the company’s monthly fixed expense is $32,400. required: 1. calculate the unit sales needed to attain a target profit of $5,000. (do not round intermediate calculations.) 2. calculate the dollar sales needed to attain a target profit of $8,400.