Question
21 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units
21
Our company had the following balances and transactions during the current year related to merchandise inventory.
Beginning merchandise inventory on January 1 | 120 units at $70 per unit |
Purchase on February 14 | 100 units at $85 per unit |
Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?
Group of answer choices
$4,900
$5,950
$10,950
$12,000
Question 221 pts
Our company had the following balances and transactions during the current year related to merchandise inventory.
Beginning merchandise inventory on January 1 | 120 units at $70 per unit |
Purchase on February 14 | 100 units at $85 per unit |
Sale on August 21 | 150 units |
What would be the companys ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?
Group of answer choices
$4,900
$5,950
$10,950
$12,000
Question 231 pts
Our company had the following balances and transactions during the current year related to merchandise inventory.
Beginning merchandise inventory on January 1 | 120 units at $70 per unit |
Purchase on February 14 | 100 units at $85 per unit |
Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?
Group of answer choices
$4,900
$5,950
$10,950
$12,000
Question 241 pts
Our company had the following balances and transactions during the current year related to merchandise inventory.
Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
Purchase on February 14 | 100 units at $80 per unit |
Sale on August 21 | 150 units |
What would be the companys ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?
Group of answer choices
$3,750
$3,875
$11,625
$11,750
Question 251 pts
Our company had the following balances and transactions during the current year related to merchandise inventory.
Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
Purchase on February 14 | 100 units at $80 per unit |
Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?
Group of answer choices
$4,000
$3,750
$11,625
$11,750
Question 261 pts
Our company signed a 90-day 10% note for $100,000. Using a 360-day year, what is the total interest due on the maturity date?
Group of answer choices
$1,250.00
$1,562.50
$1,875.00
$2,500.00
Question 271 pts
Our company has an account receivable for $12,500 that we have now deemed uncollectible. We use the allowance method. Which of the following accounts would we debit to record the write-off?
Group of answer choices
accounts receivable
allowance for doubtful accounts
bad debt expense
cash
Question 281 pts
Our company uses the percentage of sales method to estimate bad debt expense for the year. Our allowance for bad debts account has a debit balance of $1,000 prior to the adjusting entry for bad debt expense. We have estimated that 2% of net credit sales will be uncollectible for the current year. Net credit sales for the year totaled $200,000. What will be the balance in allowance for bad debts after the adjusting entry is recorded?
Group of answer choices
$3,000
$4,000
$5,000
$6,000
Question 29
Our company uses the percentage of receivables method to estimate bad debt expense for the year. We had the following account balances on our unadjusted trial balance at the end of the year (December 31): accounts receivable, debit balance of $150,000; allowance for bad debts, credit balance of $1,000. We estimate that 3.5% of accounts receivable at the end of the year are uncollectible. What amount will be debited to bad debt expense when we record the adjusting entry?
Group of answer choices
$4,000
$4,250
$5,250
$6,250
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