32. Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

May 1

Beginning Inventory

220 units @ $17

5

Purchase

255 units @ $19

10

Sales

175 units @ $27

15

Purchase

135 units @ $20

24

Sales

125 units @ $28

55. Valeria Company reported the following purchases and sales for its only product. Valeria uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

May 1

Beginning Inventory

320 units @ $17

5

Purchase

305 units @ $19

10

Sales

225 units @ $27

15

Purchase

185 units @ $20

24

Sales

175 units @ $28

70. A company has beginning inventory of 10 units at a cost of $12.50 each on October 1. On October 5, it purchases 11 units at $13.50 per unit. On October 12 it purchases 21 units at $14.50 per unit. On October 15, it sells 33 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?

77. Sam Company reported the following purchases and sales of its only product. Sam uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

May 1

Beginning Inventory

250 units @ $10

5

Purchase

270 units @ $12

10

Sales

190 units @ $20

15

Purchase

150 units @ $13

24

Sales

140 units @ $21

87. Sal Company reported the following purchases and sales for its only product. Sal uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	350 units @ $20
5	Purchase	320 units @ $22
10	Sales		240 units @ $30
15	Purchase	200 units @ $23
24	Sales		190 units @ $31

90. Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $148,500, allowance for doubtful accounts of $1,105 (credit) and sales of $1,145,000. If uncollectible accounts are estimated to be 6% of accounts receivable, what is the amount of the bad debts expense adjusting entry?

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

	Purchases	Sales
January:	22 units at $180	14 units
February:	32 units at $185	12 units
May:	27 units at $190	16 units
September:	24 units at $195	15 units
November:	22 units at $200	28 units

On December 31, there were 42 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.)

99. During the first week of January, an employee works 48 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $10 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 $87 in federal income taxes withheld. What is the amount of this employees gross pay for the first week of January?