1 Grays Company has inventory of 16 units at a cost of $11 each on August 1 On August 3, it purchased 26 units at $10 each 18 units are sold on August 6 Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 18 units that were sold Multiple Choice $202 $196 $200 $84 $288 2 The chief executive officer earns $20,400 per month As of May 31, her gross pay was $102,000 The tax rate for Social Security is 6 2 of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1 45 of all earnings The current FUTA tax rate is 0 6 , and the SUTA tax rate is 5 4 Both unemployment taxes are applied to the first $7,000 of an employees pay What is the amount of FICA Social Security withheld from this employee for the month of June $1,023 00 $295 80 $7,347 00 $239 25 $1,264 80 3 A company had net sales of $30,300 and ending accounts receivable of $3,900 for the current period Its days' sales uncollected equals (Use 365 days a year ) 58 18 days 62 28 days 38 98 days 46 98 days 7 77 days 4 A company had the following purchases and sales during its first year of operations Purchases Sales January 29 units at $215 20 units February 39 units at $220 18 units May 34 units at $225 22 units September 31 units at $230 21 units November 29 units at $235 37 units On December 31, there were 44 units remaining in ending inventory Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory (Assume all sales were made on the last day of the month ) Multiple Choice $14,338 $14,936 $15,296 $22,105 $9,715 5 During the first week of January, an employee works 45 hours For this company, workers earn 150 of their regular rate for hours in excess of 40 per week Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes The tax rate for Social Security is 6 2 of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1 45 of all earnings The current FUTA tax rate is 0 6 , and the SUTA tax rate is 5 4 Both unemployment taxes are applied to the first $7,000 of an employees pay The employee has $92 in federal income taxes withheld What is the amount of this employees net pay for the first week of January $877 33 $950 00 $164 68 $785 33 $1,114 68

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1. Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at

1. Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at $10 each. 18 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 18 units that were sold? Multiple Choice $202. $196. $200. $84. $288.

2. The chief executive officer earns $20,400 per month. As of May 31, her gross pay was $102,000. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employees pay. What is the amount of FICA- Social Security withheld from this employee for the month of June?

$1,023.00

$295.80
$7,347.00
$239.25
$1,264.80

3. A company had net sales of $30,300 and ending accounts receivable of $3,900 for the current period. Its days' sales uncollected equals: (Use 365 days a year.) 58.18 days. 62.28 days. 38.98 days. 46.98 days. 7.77 days.

4. A company had the following purchases and sales during its first year of operations:

	Purchases	Sales
January:	29 units at $215	20 units
February:	39 units at $220	18 units
May:	34 units at $225	22 units
September:	31 units at $230	21 units
November:	29 units at $235	37 units

On December 31, there were 44 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

Multiple Choice

$14,338.
$14,936.
$15,296.
$22,105.
$9,715.

During the first week of January, an employee works 45 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $20 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employees pay. The employee has $92 in federal income taxes withheld. What is the amount of this employees net pay for the first week of January?