10. Company ABCs bank statement ended Dec. 31, 2019 shows a balance of $802.68. The companys cash record on the same date shows a balance of $846.68. The following additional information is available:

Checks Outstanding

No. 846 $300

No. 847 $50

Deposit in Transit $250

NSF Check $102

Service Fee $42

What is the proper adjusted cash balance in the book and bank statement?

1. $702.68

2. $602.68

3. $452.68

4. $990.68

Question 2

Samsung had a beginning inventory of $379,000, ending inventory of $124,000, and purchases of $200,000. What was their cost of goods available for sale (COGAFS) and cost of goods sold (COGS) for the year?

COGAFS

1. $ 579,000

2. $ 455,000

3. $ 179,000

4. $ 579,000

COGS

1. $ 455,000

2. $ 579,000

3. $ 55,000

4. $ 179,000

Question 3

13. Consider the Following Information: Beginning inventory was $4,000. Ending inventory (physically counted) was $2,000. Purchases during the period totaled $10,000, and recorded cost of goods sold during the period totaled $9,000. What was the amount of shrinkage during the period?

1. $1,000

2. $2,000

3. $3,000

4. $3,500