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4) A company reports the following transactions for its fishing rods for the month of April. They use a perpetual inventory system Units 50 Date

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4) A company reports the following transactions for its fishing rods for the month of April. They use a perpetual inventory system Units 50 Date Aprill April 6 April 9 April 14 April 20 Unit Cost $325 $350 Explanation Inventory Purchase Sale Purchase Sale Purchase $355 April 28 $360 a) Identify the Cost of Goods Sold and Ending Inventory under FIFO (6 marks) b) Identify the Cost of Goods Sold and Ending Inventory under average costing (6 marks) c) Under average costing the ending inventory counted 35 rods. Do the journal entry to correct the ending inventory. (4 marks) 5) A company sells three products whose prices are sensitive to changes in value. The following inventory valuation is available for these products at March 31. Product Units Unit Cost N et Realizable Value 60 $8 a) Calculate the inventory at the lower of cost and net realizable value (4 marks) b) do the journal entry to adjust the inventory on the balance sheet (4 marks) 6) On July 31 Dubeau Ltd had a cash balance per books of $7,393. The statement from the bank showed a balance of $9,134. A comparison of the bank statement with the company's accounting records revealed the following: 1. The bank statement included a debit memo of $50 for bank service charges 2. The bank statements included two credit memos. The first was an electronic deposit of $2,031 received from a customer on account. The second was for $24 of interest earned during the month 3. The July 31 cash receipts of $1,393 were not included in the bank deposits for July. These receipts were deposited by the company in the bank's night deposit after the bank closed on July 31. 4. Company cheque for $585 to settle an account payable had been cashed but incorrectly recorded in the company's general journal at $855. 5. Cheques outstanding on June 30 were $922. Of these, S689 cleared the bank the bank in July. There were $1,446 of cheques written in July that were still outstanding

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