Question
35. Widmer Corporations accounting records disclosed the following information regarding purchases of inventory item no. 329 during May: During the month of May, Widmer sold
35.
Widmer Corporations accounting records disclosed the following information regarding purchases of inventory item no. 329 during May:
During the month of May, Widmer sold 150 units at a price of $16.10 each. Calculate the ending inventory using a FIFO inventory system.
| $505 |
| $805 |
| $600 |
| $635 |
36.
Capturing, recording, summarizing and reporting financial performance is the accounting function of:
| Planning |
| Attention-directing |
| Scorekeeping |
| Problem solving |
38.
Identify the internal control for information systems that is concerned with preventing unauthorized access, modification or destruction of stored data.
39.
Sally's Sweets is experiencing a severe cash shortage because of its inability to collect accounts receivable on a timely basis. The ratio that would be most helpful in identifying corrective action to be taken would be the:
| Current ratio |
| Gross profit ratio |
| Collection period |
| Acid-test (quick) ratio |
Beginning inventory Purchase Purchase Purchase Date May 1 May 3 May 10 May 21 Units 50 40 90 20 Unit Cost $10.10 $11.00 $12.00 $13.75 Total Cost $505 $440 $1080 $275
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started