Siogo Shoes, a shoe wholesaler, began February with 120 pairs of shoes inventory that cost...
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Siogo Shoes, a shoe wholesaler, began February with 120 pairs of shoes inventory that cost $80 each. During February, the company completed the following transactions: Feb 2 Siogo Shoes purchased 40 pairs of shoes at $60 each. The amount due is immediately paid in cash. (10 points) Feb 5 Siogo Shoes sold Sole Mates, a chain of retail shoe stores, 100 pairs of shoes on account, terms 4/10, n/30. Sales price was $125 per pair. (10 points) Feb 8 Sole Mates returned 20 pairs of shoes to Siogo Shoes because they were the wrong size. (15 points) Feb 15 Sole Mates paid the remaining balance due to Siogo Shoes. (10 points) Siogo uses perpetual inventory system and average cost method to compute the cost of goods sold, and also gross Method to reflect the discounts. Required: Record this series of transactions in the general journal of Siogo Shoes (Show your computation in detail.)..
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