Bonus Exam

Beckenworth had cost of goods sold of $9,421 million, ending inventory of $2,089 million, and average inventory of $1,965 million. Its days' sales in inventory equals: (Use 365 days a year.) Jefferson Company has sales of $316,000 and cost of goods available for sale of $271,600. If the gross profit ratio is typically 30%, the estimated cost of the ending inventory under the gross profit method would be: Multiple Choice O $50,400 O $100,800 O $176,800 O $94,800 o $44,400 If a check correctly written and paid by the bank for $748 is incorrectly recorded in the company's books for $784, how should this error be treated on the bank reconciliation? Multiple Choice ) Add $36 to the bank's balance. Subtract $36 from the book balance. O Add $36 to the book balance. O Subtract $36 from the bank's balance. O Subtract $36 from the bank's balance and add $45 to the book's balance. In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 Deposits in transit at month-end Outstanding checks at month-end Bank charge for printing new checks Note receivable and interest collected by bank on Donahue's behalf A check paid to Donahue during the month by a customer is returned by the bank as NSF $6,255 $1,340 $ 660 $ 65 $ 730 $ 520 The adjusted cash balance per the books on April 30 is: 4.400 $6,400 $8,120 $5,800