Problem: On November 20, 2017, Manitoba Electronics agreed to manufacture and supply 750 electronic control units used by Wausau Heating Systems in large commercial and industrial installments. On that date, Wausau deposited $250 per unit upon signing the three-year purchase agreement, which set the selling price of each control unit at $1,000. Manitoba's inventory cost is $225 per unit. No units were delivered during 2017. The first 200 units will be delivered in 2018, 300 units will be delivered during 2019, and the remaining units will be delivered during 2020. Assume Manitoba uses a perpetual inventory system.
Required: Conceptual Connection - Prepare the entry by Manitoba to record receipt of the deposit during 2017. How would the deposit be reported in the financial statements at the end of 2017?
Our Perpetual Inventory System Assignment Help service is always happy to assist you and provide the finest assignment solutions in the industry that no one can provide.
Tags: Perpetual Inventory System Assignment Help, Perpetual Inventory System Homework Help, Perpetual Inventory System Coursework, Perpetual Inventory System Solved Assignments, Financial Statements Assignment Help, Financial Statements Homework Help