InventoryB10. YiCo buys 800 cases of tennis balls listed at $130 per case and for whichYiCo is given a 15% volume discount. YiCo sells 70% of the cases for cash.The cost of the unsold merchandise is . ..a. $15,600 b. $31,200c. $26,520d. $77,35011. JaCo uses the periodic method and records merchandise purchases atnet. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchasesmerchandise for $878,000, with freight-in of $11,000. Purchase returns are$17,000, purchase discounts lost are $4,000, and the cost of merchandiseon hand at year end is $91,000. At year end, JaCo records the followingentry:a. Ending Inventory91,000Purchase Returns17,000Cost of Goods Sold850,000Purchases878,000Freight-In11,000Beginning Inventory69,000b. Ending Inventory91,000Purchase Returns17,000Cost of Goods Sold846,000Purchase Discounts Lost4,000Purchases878,000Freight-In11,000Beginning Inventory69,000e. Ending Inventory91,000Purchase Returns17,000Cost of Goods Sold854,000Purchases878,000Freight-In11,000Beginning Inventory69,000Purchase Discounts Lost4,000d. Beginning Inventory69,000Purchase Returns17,000Cost of Goods Sold894,000Purchases878,000Freight-In11,000Ending Inventory91,000
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