Exercise 13-02 The following are selected 2020 transactions of Sandhill Corporation.

Sept.1 Purchased inventory from Encino Company on account for $52,000. Sandhill records purchases gross and uses a periodic inventory system.
Oct. 1 Issued a $52,000, 12-month, 8% note to Encino in payment of account.
Oct. 1 Borrowed $52,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $56,400 note.

a. Prepare journal entries for the selected transactions above.
b. Prepare adjusting entries at December 31.
c. Compute the total net liability to be reported on the December 31 balance sheet for:

i. The interest-bearing note
ii. The zero-interest-bearing note

If a team of three workers, each making the u. s. federal minimum wage, produced these 12 rugs, what would the total labor cost be? don't forget that these workers would be working overtime.

The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. the equivalent units of production (eup) for the period were 9,000 for direct materials and 6,000 for conversion. the costs per eup were:

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?