In July, Unique Jewels Company Purchased the Following Items

question 33

Essay

In July, Unique Jewels Company purchased the following items: On July 22, one ring from the July 2 purchase was sold for $19,500 and 2 rings from the July 20 purchase were sold for $1,520 each. All sales and purchases are made on credit.
Instructions
a. Calculate ending inventory and cost of goods sold using specific identification.
b. Prepare the journal entry to record the July 22 sale.

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Definitions:

Mid-Twentieth Century

A period in the 20th century, roughly encompassing the years from the 1940s to the 1960s, characterized by significant political, social, and technological changes.

Redeemers Coalition

A political alliance in the post-Civil War Southern United States that sought to oust the Radical Republicans, end Reconstruction, and restore white supremacy.

Business Entrepreneurs

Individuals who initiate, manage, and assume the risks of a business venture in pursuit of profit.

Planters

Large-scale farmers who owned significant amounts of land and typically utilized slave labor before the Civil War in the United States.