55 April 4 A note made on January 4 and due in 90 days would mature on what date? (assume February has 28 days) Jan 31 - 4 ] a. April 2 @ April 4 Feb b. April 3 d. April 5 march April 90-tu 4 The maturity value of a $5,000, 60-day, 6 percent note would be (use a 365 day year): a. $5,051.32 $5,049.325,000 X 17/365 x Lody=49.32 b. $5,050.00 $4,949.32 5000 + 41.32 - 5049.32 Use the following inventory Information for the month of May to answer questions 3 through 6: S12 = 360 SIS, 750 SI8 30 7473 May 1 Beginning inventory 30 units 7 Purchase 50 units 22 Purchase 20 units Units sold in May: 65 units ouvrits 45 Assuming that a periodic inventory system is used, what is ENDING INVENTORY under the average cost method? 1470 2100 .14.1 14.70 x 1 9 55.5 a. $500.00 $514.50 1470-955.5 514.5 b. $498.67 d. $588.00 Assuming that a periodic inventory system is used, what is COST OF GOODS SOLD on a FIFO basis? $1,275.00 a. S1,320.00 Puchee apo = 360 32 Unit 35 units a 15.00 =525 b. $1,035.00 a $885.00 25 85 Assuming that a periodic inventory system is used, what is the ENDING INVENTORY on a LIFO basis? 32 puchak devri 18 = A $675.00 c. $585.00 7 purchase 45 units ais uns (b. S435.00 d. 5515.00 - 1470-1035= 435 T035 Assume that of the 65 units sold, 15 of the units were sold on May 5 and the other 50 units were sold on May 15. If the company were to use a perpetual inventory system, what would be the COST OF GOODS SOLD on a LIFO basis? May 3 a. $930.00 c. 5885.00 b. $1.035.00 d. $1,275.00 6. May is Assuming that prices are rising, which method will result in the lowest net income? a. First-in, first-out c. Last-in, first-out b. Average cost When ending inventory is overstated, the net income for that period will be understated. a true b. false Johnson Co. had sales during the most recent accounting period of $120,000. The cost of goods available for sale during this period was $117.000, and the retail selling price for these same goods was S150,000. What is the estimated cost of ending inventory using the retail method? a. S30,000 c. $33,000 b. $23,400 d. $93.600 10. Gledhill Products had cost of goods available for sale in the amount of $600,000, and net sales of $700,000 during the year. If the company's products have an average gross profit of 25 percent, calculate the estimated cost of ending inventory, using the gross profit method. a. $525,000 c. S 75,000 b. S125,000 d. $100,000