Question Three: 15p Emile Kokott, a former disc golf star, operates Emile's Discorama, SA. At...
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Question Three: 15p Emile Kokott, a former disc golf star, operates Emile's Discorama, SA. At the beginning of the current period on April 1, the ledger of Emile's Discorama showed Cash 1,850, Inventory 2,150, and Share Capital-Ordinary 4,000. The following transactions were completed during April. 1. Apr. 5 Purchased inventory on account from Ellis Co. 1,200, FOB shipping point, terms 2/10,n/60. The appropriate party paid freight cost for 75. 2. Apr. 9 Received credit from Ellis Co. for merchandise returned 100. 3. Apr. 10 Sold merchandise on account for 930, terms 1/10,n/30. 4. Apr. 12 Purchased inventory on account from Penguin Co. 720, terms 1/10, n/30. 5. Apr. 14 Paid Ellis Co. in full. 6. Apr. 26 Paid Penguin Sportswear in full. 7. Apr. 30 Received payments on account from customers 930. Instructions: (a) Journalize the April transactions using a PERIODIC inventory system. (b) Compute the cost of goods sold for the month ended April 30. Assume the Ending Inventory $2,023
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