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