On October 1, Lance's Bicycle Store had an inventory of 20 ton speed bicycles at a cost of $350 each During the month of October, the following transactions occurred: Oct 4 Purchased 40 bicycles at a cost of $350 each from Lamont Bicycle Company, terms 1/10, n/30
Oct. 6 Sold 20 bicycles to Team Minnesota for $500 each terms 2/10, 1/30
Oct. 7 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles
Oct. 13 Issued a credit memo to Team Minnesota for the return of a defective bicycle
Oct. 14 Paid Lamont Bicycle Company in full less discount

Instructions:
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system

The link between volume of production and the cost of building manufacturing operations is particularly important in industries characterized byanswers: process innovations.product manufacturing.product innovation.process manufacturing.

Fanning company is considering the addition of a new product to its cosmetics line. the company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. relevant information and budgeted annual income statements for each of the products follow. skin cream bath oil color gel budgeted sales in units (a) 110,000 190,000 70,000 expected sales price (b) $8 $4 $11 variable costs per unit (c) $2 $2 $7 income statements sales revenue (a × b) $880,000 $760,000 $770,000 variable costs (a × c) (220,000) (380,000) (490,000) contribution margin 660,000 380,000 280,000 fixed costs (432,000) (240,000) (76,000) net income $228,000 $140,000 $204,000 required: (a) determine the margin of safety as a percentage for each product. (b) prepare revised income statements for each product, assuming a 20 percent increase in the budgeted sales volume. (c) for each product, determine the percentage change in net income that results from the 20 percent increase in sales. (d) assuming that management is pessimistic and risk averse, which product should the company add to its cosmetics line? (e) assuming that management is optimistic and risk aggressive, which product should the company add to its cosmetics line?

On january 1, 2017, sophie's sunlounge owned 4 tanning beds valued at $20,000. during 2017, sophie's bought 3 new beds at a total cost of $14 comma 000, and at the end of the year the market value of all of sophie's beds was $24 comma 000. what was sophie's net investment