A company just starting business made the following three inventory purchases in February Feb. 1 Feb. 10 Feb. 28 240 units 360 units 90 units $1370 2770 790 $4930 On Feb 15, there were 310 units sold. The company uses a perpetual inventory system. Using the weighted average cost formula, the balance in ending inventory on February 28 is O $4930 O $3021 O $2791. $2139. Crane Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product A Cost NRV $ 69000 $74000 49000 47000 99000 101000 B C After Crane Company values its inventory at the lower of cost or net realizable value the value of the inventory reported on the balance sheet would be O $224000. O $217000. O $222000 O $215000 Bonita Company sells fly fishing lures and uses a perpetual inventory system. The beginning balance of the inventory and transactions during September were as follows: September 1: September 7: September 10 September 22: September 29: Balance: Purchased Sold Purchased Sold 11 units @ $12 31 units @ $12 units @ $17 25 units @ $15 25 units @ $19 What inventory cost flow assumption was used if the ending inventory is determined to be $375? average costing O FIFO O weighted average O specific identification Accoring to the January 31, 2021 physical inventory count Crane Company has $24580 in inventory on hand at year end. In addition, at year end the company has $1190 of merchandise in transit purchased from a supplier and shipped FOB destination Included in the physical inventory count was $810 of goods held on consignment for a local manufacturer. How much inventory should be reported on the company's January 31, 2021 balance sheet? O $24580 O $25770 O $24960 $23770 When comparing the weighted average and FIFO inventory cost formulas during a period when prices are rising, which of the following statements is correct? O FIFO will result in a lower inventory balance reported on the balance sheet. Weighted average will result in a higher cash flow. O FIFO will result in a higher profit reported on the income statement. Weighted average will result in a higher gross profit reported on the income statement A cheque marked "NSF" means O no service fee. O no signature found. O not satisfactorily filled out. O not sufficient funds. Which of the following is not considered a control activity? O segregation of duties O reliable financial reporting O physical controls O independent checks of performance Internal auditors O evaluate the system of internal controls for the companies that employ them. O cannot evaluate the system of internal controls of the company that employs them because they are not independent O are employees of the Canada Revenue Agency who evaluate the internal controls of companies filing tax returns O are hired by CPA firms to audit business firms. Crane filled up her vehicle using her debit card. The cost of the fill up was $56.00. Each time a customer uses a debit card Petro Canada is charged a transaction fee of $0.70. The entry to record the transaction by Petro Canada is Accounts Receivable Sales 56.00 56.00 55.30 Accounts Receivable Credit Card Expense Sales 0.70 56.00 56.00 Cash Sales 56.00 O Cash Debit Card Expense Sales 55.30 0.70 56.00 Proper control for over-the-counter cash receipts includes O using electronic cash registers with no tapes. O placing each customer deposit in a separate envelope. O a cash register with totals visible to the customer. O placing each customer deposit in a safety deposit box