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1、35Minutes,MediumPROBLEM6.1Aa.GeneralJournal (1) Nov.5Accountsreceivable(BemidjiConstruction)13,390 Sales 13,390 5CostofGoodSold9,105 Inventory 9,105 9Inventory3,800 AccountsPayable(OwatonnaToolCo.) 3,800 Dec.5Cash13,390 AccountsReceivable(BemidjiConstructio
2、n) 13,390 9AccountsPayable(OwatonnaTool.Co.)3,800 Cash 3,800 31CostofGoodsSold1,710 Inventory 1,710 Inventoryperaccountingrecords$183,790 Inventoryperphysicalcount182,080 Adjustmentforinventoryshrinkage$1,710 b. CLAYPOOLHARDWAREPartialIncomeStatementF
3、ortheYearEndedDecember31,20__ Netsales $1,024,900Costofgoodssold(1)696,932 Grossprofit $327,968 (1)CostofgoodssoldpriortoadjustmentatDec.31$695,222 Add:ShrinkageadjustmentatDec.31 1,710 Costofgoodssold(adjustedbalance) $696,932c.Claypoolseemsquiteabletopassitsextratransport
4、ationcostsontoitscustomersand,infact,enjoysasignificantfinancialbenefitfromitsremotelocation.Thefollowingdatasupporttheseconclusions: Claypool Industry Hardware Average Difference Annualsales…………………………….. $1,024,900 $1,000,000 $24,900Grossprofit……………………………… 327,968 250,000(
5、1)77,968Grossprofitrate………………………… 32%(2)25% 7% (1)$1,000,000sales´25%=$250,000 (2)$327,968grossprofit¸$1,024,900netsales=32% Claypoolearnedagrossprofitrateof32%,whichissignificantlyhigherthantheindustryaverage.Claypool’ssaleswereabovetheindustryaverage,anditearned$77,9
6、68moregrossprofitthanthe“average”storeofitssize.Thishighergrossprofitwasearnedeventhoughitscostofgoodssoldwas$18,000to$20,000higherthantheindustryaveragebecauseoftheadditionaltransportationcharges. Tohaveahigher-than-averagecostofgoodssoldandstillearnamuchlarger-than-averageamo
7、untofgrossprofit,Claypoolmustbeabletochargesubstantiallyhighersalespricesthanmosthardwarestores.Presumably,thecompanycouldnotchargesuchpricesinahighlycompetitiveenvironment.Thus,theremotelocationappearstoinsulateitfromcompetitionandallowittooperatemoreprofitablythanhardwarestoresw
8、ithnearbycompetitors. 30Minutes
