4 Thinkvision company has the following inventory 15 units @ 7 BD each. 20 units @ 8 BD each. The weighted average cost per unit for the above inventory is: O 8 BD 7.50 BD 7.57 BD 07 BD QUESTION 5 A company had the following purchases during its first year of operations: January March May Purchases 30 units at $30 Sales 35 units at $50 42 units at $60 The company uses FIFO method to determine its cost of inventory. a What is the cost of goods sold in May? b. What is the total cost of goods purchased during the year? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt QUESTION 6 The schedule of aging accounts for a Company, at the end of the year 2020, appears below: Current 1-30 days overdue 31.60 days overdue More than 60 days overdue Total Accounts Receivable $40,000 10,000 5,500 1,800 57.300 Estimate % of Bad Debts 1% 5% 10% 20% 2.5 points The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $600, before the estimate was made Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)) B QUESTION 7 Hawk Company establishes a $600 petty cash fund on September 9. The journal entry to establish the fund is: O Dr petty cash account and Cr petty cash expense account, 600 O Dr cash account and Cr petty cash account; 600 O Dr petty cash expense account and Cr petty cash account; 600 O Dr petty cash account and Cr cash account; 600 QUESTION 8 Hazards company had the following data: Beginning inventory (on May 1) Purchases during May Cost of goods sold during May $190 $2,870 $2,700 Based on the above data, calculate ending inventory as of May 30 $20 $360 $2.510 $5,760 Based on the above data, calculate ending inventory as of May 30 $20 $360 $2,510 $5,760 QUESTION 9 2020 Net credit sales Estimate of doubtful debts Allowance account credit balance Gross Accounts receivable $100,000. 2% of net credit sales $1,800 before the estimate was made $40,000. Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt E v