Nix’It Company’s ledger on july 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).
The Chester company will increase its automation for the Cute product by 2.0. Assuming no further change in capacity, how much will this investment in automation cost?
October 18, 2019Critical comparison of opposing claims, analytical thinking, and problem-solving
October 18, 2019Nix’It Company’s ledger on july 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).
Nix’It Company’s ledger on july 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).
Merchandise inventory …… $37,800
T,Nix. Capital…….. 115,300
T.Nix, Withdrawls……. 7,000
Sales….. 160,200
Sales discounts…. 4,700
Sales returns and allowances….. $6,500
Cost of goods sold….. 105,000
Depreciation expense….. 10,300
Salaries expense…. 32,500
Miscellaneous expenses….. 5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. Prepare the entry to record any inventory shrinkage.
