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Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: Date Activity

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Alpha Company uses the periodic inventory system and had the following inventory & sales activity for

the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

175

$10

5/5

Purchase

200

$12

5/15

Purchase

300

$15

5/25

Purchase

150

$16

Sales were 545 units at $25.  Using the FIFO method, determine the dollar values following for the month of May:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

 
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On January 20, 2016, Bravo Construction Company purchased $2,500 of supplies. Half were used immediately for a current job.

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On January 20, 2016, Bravo Construction Company purchased $2,500 of supplies. Half were used immediately

for a current job. Half of the purchase amount was paid for with cash and the rest was on account. On January 31, 2016, Bravo Construction Company paid the balance due. Prepare the general journal entry (without explanation) for the payment of the balance due. If no entry is required then write “No Entry Required.”

 
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What is the Committee of Sponsoring Organizations (COSO)? Summarize its history and explain why it is relevant to auditing.

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1. What is the Committee of Sponsoring Organizations (COSO)? Summarize its history

and explain why it is relevant to auditing.

2. Explain what internal control means and explain how internal control relates to auditing.

3. Discuss the term audit programs – what are they are why are audit programs important to the audit process?

 
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Describe the steps that auditors use to test controls over sales and collections.

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Describe the steps that auditors use to test controls over sales and collections.

 
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