Question
If you could answer all 4 that would be greatly appreciated, thanks 1. Salmone Company reported the following purchases and sales for its only product.
If you could answer all 4 that would be greatly appreciated, thanks
1.
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning Inventory | 230 units @ $18 | |
5 | Purchase | 260 units @ $20 | |
10 | Sales | 180 units @ $28 | |
15 | Purchase | 140 units @ $21 | |
24 | Sales | 130 units @ $29 | |
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$6,460
-
$6,540
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$6,330
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$5,740
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$5,950
2.
Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $28,525. Clayborn's May bank statement shows $25,000 on deposit in the bank. Determine the adjusted cash balance using the following information:
Deposit in transit | $ | 8,650 |
Outstanding checks | $ | 6,900 |
Bank service fees, not yet recorded by company | $ | 140 |
A NSF check from a customer, not yet recorded by the company | $ | 1,635 |
The adjusted cash balance should be:
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$28,385
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$26,775
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$18,100
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$26,750
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$33,650
3.
During the first week of January, an employee works 46 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $12 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employees pay. The employee has $91 in federal income taxes withheld. What is the amount of this employees net pay for the first week of January?
-
$588.00
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$723.98
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$135.98
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$543.02
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$452.02
4.
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows:
Year 1 | Year 2 | |||||
Beginning inventory | $ | 120,000 | $ | 130,000 | ||
Cost of goods purchased | 250,000 | 275,000 | ||||
Cost of goods available for sale | 370,000 | 405,000 | ||||
Ending inventory | 130,000 | 135,000 | ||||
Cost of goods sold | $ | 240,000 | $ | 270,000 | ||
Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,000 and 2) ending inventory at the end of Year 2 was overstated by $6,000. Given this information, the correct cost of goods sold figure for Year 2 would be:
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$264,000
-
$285,000
-
$249,000
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$276,000
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$291,000
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