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1、a.GeneralJournal⑴Nov.5Accountsreceivable(BemidjiConstruction)13,390Sales13,3905CostofGoodSold9,105Inventory9,1059Inventory3,800AccountsPayable(OwatonnaToolCo.)3,800Dec.5Cash13,390AccountsReceivable(BemidjiConstruction)13,3909AccountsPayable(OwatonnaTool.Co.)3,800Cash3,80031Costof
2、GoodsSold1,710Inventory1,710Inventoryperaccountingrecords$183,790Inventoryperphysicalcount182,080Adjustmentforinventoryshrinkage$1,71035Minutes,MediumPROBLEM6.1Ab.CLAYPOOLHARDWAREPartialIncomeStatementFortheYearEndedDecember31,20_Netsales$1,024,900Costofgoodssold(1)696,932Grosspr
3、ofit$327,968(1)CostofgoodssoldpriortoadjustmentatDec.31$695,222Add:ShrinkageadjustmentatDec.311,710Costofgoodssold(adjustedbalance)$696,932Claypoolseemsquiteabletopassitsextratransportationcostsontoitscustomersand,infact,enjoysasignificantfinancialbenefitfromitsremotelocation.The
4、followingdatasupporttheseconclusions:ClaypoolHardwareIndustryAverageDifferenceAnnualsales..$1,024,900$1,000,000$24,900Grossprofit..327,968250,000(1)77,968Grossprofitrate••32%(2)25%7%(1)$1,000,000salesx25%=$250,000(2)$327,968grossprofit十$1,024,900netsales=32%Claypoolearnedagrosspr
5、ofitrateof32%,whichissignificantlyhigherthantheindustryaverage.ClaypooPssaleswereabovetheindustryaverage,anditearned$77,968moregrossprofitthanthe“average"storeofitssize.Thishighergrossprofitwasearnedeventhoughitscostofgoodssoldwas$18,00()to$20,000higherthantheindustryaveragebecau
6、seoftheadditionaltransportationcharges.Tohaveahigher-than-averagecostofgoodssoldandstillearnamuchlarger-than-averageamountofgrossprofit,Claypoolmustbeabletochargesubstantiallyhighersalespricesthanmosthardwarestores.Presumably,thecompanycouldnotchargesuchpricesinahighlycompetitive
7、environment.Thus,theremotelocationappearstoinsulateitfromcompetitionandallowittooperatemoreprofitablythanhardwarestoreswithnearbycompetitors.JournalentriesbySiogoShoes:Feb.9AccountsReceivable(SoleMates)10,000Sales10,0009CostofGoodsSold6,000Inventory6,00012DeliveryExpense40Cash401
8、3SalesReturns&Allowances1,000AccountsRec
