2. Acme-Jones Corporation uses a FIFO perpetual inventory system.

August 2, 25 units were purchased at $12 per unit.

August 5, 10 units were purchased at $13 per unit

August 15, 12 units were sold at $25 per unit.

August 18, 15 units were purchased at $14 per unit.

What was the amount of the ending inventory for the month of August?(Points : 2)

$496.00

$486.00

$492.57

$300.00

$510.00

5. Mattel had net sales of $4,235 million and ending accounts receivable of $775 million its days' sales uncollected is equal to:(Points : 2) 298 days 66.8 days 19.4 days 81.8 days 65.2 days

6. A company made a bank deposit on September 30 that did not appear on the bank statement dated September 30. In preparing the September 30 bank reconciliation, the company should:(Points : 2) Deduct the deposit from the bank statement balance Send the bank a debit memorandum Deduct the deposit from the September 30 book balance and add it to the October 1 book balance Add the deposit to the book balance of cash Add the deposit to the bank statement balance

8. Given the following information: Petty cash balance: $530.00Courier receipt: $ 74.22 Postage receipt: $ 25.00Office Supplies receipt: $ 95.64 Business Meal receipt: $ 54.21Cash on hand at the end of the month: $299.71 What is the amount that needs to be recorded for cash over and short?(Points : 2) debit $23.29 credit $23.29 debit $18.78 no cash over and short is necessary credit $18.78

9. A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000,net income totaled $263,500, and cost of goods sold of $420,000. What is the gross profit/margin for the period?(Points : 2) $ 806,000 $1,031,000 $1,182,000 $1,080,000 $ 855,000

10. A company purchased $7,500 worth of merchandise. Transportation costs were an additional $80. The company later returned $900 worth of merchandise and paid the invoice within the 3% cash discount period. The total amount paid for this merchandise is:(Points : 2) $6,479.60 $6,482.00 $7,275.00 $7,355.00 $6,680.00

13. The number of days' sales uncollected:(Points : 2) Is used to evaluate the liquidity of receivables Is calculated by dividing accounts receivable by sales Measures a company's ability to pay its bills on time Measures a company's debt to income Is calculated by dividing sales by accounts receivable

16. The internal document that is prepared to notify the appropriate persons that ordered goods have been received and describes the quantities and condition of the goods is the(Points : 2) Purchase requisition Purchase order Invoice Receiving report Invoice approval

Question 17.17. The days' sales uncollected ratio is used to:(Points : 2)

Measure how many days of sales remain until the end of the year Determine the number of days that have passed without collecting on accounts receivable Identify the likelihood of collecting sales on account Estimate how much time is likely to pass before the amount of accounts receivable is collected Measure the amount of layaway sales for a period