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If someone could just check my work, thank you! Page 5 Part VI (14 points) Answer the following questions in the spaces provided: 1. A
If someone could just check my work, thank you!
Page 5 Part VI (14 points) Answer the following questions in the spaces provided: 1. A company had the following inventory information: 500x11-SSCO Beginning inventory May 7 purchase October 23 purchase 100 units @ 10 500 units @ 11 400 units @ 12 406x12-4806 10300 Under the assumption that 900 units were sold at a selling price of $25 each, what is the gross margin if the company uses the LIFO method? 900 25 10300 $ 12, 200 4500 Same question but company uses FIFO. 225oo $ 12,400 2. Acme Company has a $200 petty cash fund. At vear-end, before replenishing the fund, the petty cash box had $147.52 in cash and $51.83 in expense receipts. What account should be credited to record the expenditures and replenish the petty cash fund? cash 51.83161.ga What account should be debited for the missing $.65? cash short 3. The Johnson Company has $10,000 of inventory items in its warehouse that were purchased FOB shipping point, shipped on December 29, 2019 and arrived on January 3, 2020. Should Johnson Company include these items in its inventory on December 31, 2019? yes 4. A 90-day 5% $20,000 note is dated May 3, 2020. When is the note due and how much interest will be due on that due date? 811/20 & 250Step by Step Solution
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