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  3. on september 1, 2015, the inverness company holds

On September 1, 2015, the Inverness Company holds the following inventory: ...

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Accounting

  1. On September 1, 2015, the Inverness Company holds the following inventory:

Purchase date

Units

Cost / Unit

April 1, 2015

300

$15

August 6, 2015

200

$18

During September 2015, Inverness reports the following activities:

  • On September 9, they sell 150 units of inventory for $24 / unit. 60% is on credit cards (with a rate of 3%) and 40% is in cash.
  • On September 16, they purchase 50 units of inventory for $18.50 / unit.
  • On September 18, they sell 150 units of inventory for $25 / unit. This sale is on account, with terms 2/10, n/30.
  • On September 25, a customer returns 10 units of inventory (original purchase date: September 9).
  • On September 27, Inverness collects on the September 18 sale.

Note: The Inverness Company uses LIFO for inventory.

  1. Calculate net sales for September (please show gross sales and any contra-revenue accounts).

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