Question

Question 11 P. Didee has the following inventory information. July 1 Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale 20 units at $90 120 units at $92 90 units 60 units at $95 58 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? $4,744 O $4,750 $4,940 $4,790 Click if you would like to Show Work for this question: Open Show Work Question 14 The petty cash fund of $200 for George Company appeared as follows on December 31, 2020: $59.40 Cash Petty cash vouchers Freight-in Postage Balloons for a special occasion $27.60 40.00 68.00 (a) Prepare the general journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Enter answers to 2 decimal places, e.g. 25.20.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Answer 1

Ans:LIFO Perpetual

Date	Particulars	Units	Per Unit $	Total Amount $	Balance Units	Balance Per Unit $	Inventory Value $
July 1	Beginning inventory	20	90	1800	20	90
July 5	Purchases	120	92	11040	20	90
					120	92
July 14	Sale	90	92	8280	20	90
					30	92
July 21	Purchases	60	95	5700	20	90
					30	92
					60	95
July 30	Sale	58	95	5510	20	90	1800
					30	92	2760
					2	95	190
	Ending Inventory						4750

Option: B ($4,750)

Ans:

Journal entry:

Account titles and explanation	Debit $	Credit $	workings
Petty cash a/c......... Dr	140.60		(200 - 59.40 = 140.60)
To Cash a/c		140.60
(Being petty cash fund replenished to $200)
Frieght in a/c....Dr	27.60
Postage a/c......Dr	40
Balloons a/c......Dr	68
Suspense a/c....Dr	5
To petty cash a/c		140.60
(Being petty cash vouchers recorded)

Please check account titles

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