1)Inventory on Jan 1 – Units = 10,000 Unit cost = $9.00

100. – Prepare the necessary journal entries to record the following
May 5, 2020
In a period of inflation, the cost flow method that results in the lowest incomes
May 5, 2020

1)<br/>Inventory on Jan 1 – Units = 10,000 Unit cost = $9.00<br/>Purchases

on June 18 – Units = 9,000 Unit Cost = $8.20
Purchases on Nov 8 – Units = 6,000 Unit Cost = $7.25

A physical inventory on Dec 31 shows 5000 units on hand. Under the FIFO method, the Dec 31 inventory is:

A – $41,000
B – $36,250
C – $40,725
D – $45,000

2) Using pre-numbered checks and having an approved invoice for each check is an example of:

A – segregation of duties
B – independent Internal Verification
C – Documentation procedures
D – Establishment of responsibility

3) Compute Whiz Company’s adjusted cash balance per books based on the following information:
Beginning cash balance per books – $3,800
Deposit in Transit – 600
Check printing charge – 25
Note collected by bank for whiz – 2,000

 
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