Comfletics inc. makes and sells athletic wear to a variety of Canadian retailers. Comfletics has
recently added a now haodie to its product line that is water and stain resistant To
encour age its customers to purchase these new hoodies, it offers a generous return policy.
ketailers can return the hoodies within days of purchase for a full refund. Other
information regarding the sale of these hoodies on May follows:
Sales price per hoodie
Cost per hoodie
Number of hoodies sold on May
Percentage of hoodies estimated to be returned within days of sale
The only date on which hoodies were returned was July The
following number of hoodies were returned:
Comfletics inc., makes all sales on account. All customer invoices are due to be paid days
from the date of sale.
Comfletics follows IFRS.
Required:
Prepare any journal entries required for Comfletics on May marks
Prepare any journal entries required for Comfletics on July marks
Prepare any journal entries required for Comfletics at the end of the return period.
marks
