Question

21

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1	120 units at $70 per unit
Purchase on February 14	100 units at $85 per unit
Sale on August 21	150 units

What would be the company’s cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?

Group of answer choices

$4,900

$5,950

$10,950

$12,000

Question 221 pts

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1	120 units at $70 per unit
Purchase on February 14	100 units at $85 per unit
Sale on August 21	150 units

What would be the company’s ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?

Group of answer choices

$4,900

$5,950

$10,950

$12,000

Question 231 pts

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1	120 units at $70 per unit
Purchase on February 14	100 units at $85 per unit
Sale on August 21	150 units

What would be the company’s cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?

Group of answer choices

$4,900

$5,950

$10,950

$12,000

Question 241 pts

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1	100 units at $75 per unit
Purchase on February 14	100 units at $80 per unit
Sale on August 21	150 units

What would be the company’s ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?

Group of answer choices

$3,750

$3,875

$11,625

$11,750

Question 251 pts

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1	100 units at $75 per unit
Purchase on February 14	100 units at $80 per unit
Sale on August 21	150 units

What would be the company’s cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?

Group of answer choices

$4,000

$3,750

$11,625

$11,750

Question 261 pts

Our company signed a 90-day 10% note for $100,000. Using a 360-day year, what is the total interest due on the maturity date?

Group of answer choices

$1,250.00

$1,562.50

$1,875.00

$2,500.00

Question 271 pts

Our company has an account receivable for $12,500 that we have now deemed uncollectible. We use the allowance method. Which of the following accounts would we debit to record the write-off?

Group of answer choices

accounts receivable

allowance for doubtful accounts

bad debt expense

cash

Question 281 pts

Our company uses the percentage of sales method to estimate bad debt expense for the year. Our allowance for bad debts account has a debit balance of $1,000 prior to the adjusting entry for bad debt expense. We have estimated that 2% of net credit sales will be uncollectible for the current year. Net credit sales for the year totaled $200,000. What will be the balance in allowance for bad debts after the adjusting entry is recorded?

Group of answer choices

$3,000

$4,000

$5,000

$6,000

Question 29

Our company uses the percentage of receivables method to estimate bad debt expense for the year. We had the following account balances on our unadjusted trial balance at the end of the year (December 31): accounts receivable, debit balance of $150,000; allowance for bad debts, credit balance of $1,000. We estimate that 3.5% of accounts receivable at the end of the year are uncollectible. What amount will be debited to bad debt expense when we record the adjusting entry?

Group of answer choices

$4,000

$4,250

$5,250

$6,250

Answer 1

The answer has been presented in the supporting sheet. As per HOMEWORKLIB POLICY we are required to solve the first 4 parts only. For remaining parts you have to post separate question.

Answer Part 21) The correct answer is $ 12000 Cost of goods sold = no.of units sold cost as per LIFO = (100*85)+(50*70) = $ 12000 Part 22) The correct answer is $ 5950 Cost of ending inventory = Units in ending inventory cost as per FIFO perpetual = (120+100-150) = $ 5950 Part 23) - The correct answer is $ 10950 Cost of goods sold = no.of units sold * cost as per FIFO = (120*70)+(30*85) = $ 10950 Part 24) The correct answer is $ 3875 Ending inventory = no. of units in ending inventory average cost as per pertual method = (200-150)* ((7500+8000)/200) = 50*77.5 = $ 3875 As per HomeworkLib policy we are required to solve the first 4 parts only. For remaining parts you have to post separate question Thank You