Salmone Company reported the following purchases and sales of
its only product. Salmone uses a periodic inventory
system. Determine the cost assigned to cost of goods sold using
FIFO.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning Inventory | 340 units @ $19 | |
5 | Purchase | 315 units @ $21 | |
10 | Sales | 235 units @ $29 | |
15 | Purchase | 195 units @ $22 | |
24 | Sales | 185 units @ $30 | |
Multiple Choice
$8,140
$8,900
$9,225
$9,005
$8,360
A company had net sales of $31,100 and ending accounts receivable of $3,100 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)
Multiple Choice
51.68 days.
36.38 days.
28.38 days.
47.58 days.
10.03 days
A company had $62 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to:
Multiple Choice
Debit Cash Over and Short for $62.
Credit Cash Over and Short for $62.
Debit Petty Cash for $62.
Credit Petty Cash for $62.
Debit Cash for $62.
Question 1
Correct answer---------$8,140
Working
FIFO | ||||
Total Units Available for sale | 850 | |||
Units Sold | 420 | |||
Closing Stock in Units | 430 | |||
Valuation | ||||
Ending Inventory | 195 | @ | $ 22.00 | $ 4,290 |
235 | @ | $ 21.00 | $ 4,935 | |
Value Of Ending Inventory | $ 9,225 | |||
Cost of Goods sold | (17365-9225) | $ 8,140 |
.
Units | Cost per unit | value | |
Beginning Balance | 340 | $ 19.00 | $ 6,460 |
Purchases | |||
315 | $ 21.00 | $ 6,615 | |
195 | $ 22.00 | $ 4,290 | |
Total | 850 | $ 17,365 |
Question 2
Correct answer---------36.38 days
Working
Days' sales uncollected | |||||
(Accounts receivable | / | Sales) x 365 | = | Days' sales uncollected | |
(3100 | / | 31100) x 365 | = | 36.38 | days |
Question 3
Correct answer---------Debit Cash Over and Short for $62.
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory syste...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 220 units @ $17 5 Purchase 255 units @ $19 10 Sales 175 units @ $27 15 Purchase 135 units @ $20 24 Sales 125 units @ $28 Multiple Choice $7,660 $3,780 $6,800 $4,185 $5,450
Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using FIFO. Units sold at Retail Units Acquired at Cost 160 units @ $11 225 units @ $13 Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales 145 units $21 105 units @ $14 95 units @ $22 Multiple Choice $2.800 o $3,240 o О $3,355 o $3,215...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Units Acquired at Cost 320 units @ $17 305 units @ $19 Date May 1 May 5 May 10 May 15 May 24 Activities Beginning Inventory Purchase Sales Purchase Sales 225 units @ $27 185 units @ $20 175 units @ $28 Multiple Choice $6.960 $7640 0...
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetua/inventory system. Determine the cost assigned to cost of goods sold using LIFO. Units Sold at Retail Date Activities May 1Beginning Inventory 5 Purchase 10 Sales L 15 Purchase 24Sales Units Acquired at Cost 150 units @ $10.00 220 units a $12.00 E DELSE 100 units $13.00 140 units a $20.00 150 units @ $21.00 Multiple Choice
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetua/inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Units Acquired at Cost 150 units @ $10.00 220 units a $12.00 1 100 units a $13.00 220 Date Activities May 1Beginning Inventory 5Purchase 10 Sales 15 Purchase 24 Sales ltea $12 od 140 units @ $20.00 150 units @ $21.00 Multiple Choice O $2,260 $3,180
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Units Sold at Retail Units Acquired at Cost 330 units @ $18 310 units @ $20 Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales 230 units @ $28 190 units @ $21 180 units @ $29 Multiple Choice $8,260 $8,380 $7,540 $8,590 O $7750 $7,750
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Week 6 Chapter 6 Quiz Help Save & Exit 15 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Units Sold at Retail Units Acquired at Cost 200 units @ $15 245 units...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 180 units @ $13 5 Purchase 235 units @ $15 10 Sales 155 units @ $23 15 Purchase 115 units @ $16 24 Sales 105 units @ $24 Multiple Choice $7,705 $3,540 $3,700 $4,060 $4,165
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales Units Acquired at Cost Units Sold at Retail 310 units @ $16 300 units @ $18 220 units @ $26 180 units @ $19 170 units @ $27 Multiple Choice O $6,400 $7,190 $6,590 $7,380
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 170 units @ $12 5 Purchase 230 units @ $14 10 Sales 150 units @ $22 15 Purchase 110 units @ $15 24 Sales 100 units @ $23 Multiple Choice $6,910 $3,160 $3,640 $3,750 $3,310