Item13

Item13

Item 13

A company has beginning inventory of 18 units at a cost of $22 each on February 1. On February 3, it purchases 32 units at $24 each. 22 units are sold on February 5. Using the periodic FIFO inventory method, what is the cost of the 22 units that are sold?

Multiple Choice

• $492

• $506

• $484

• $496

• $516

Item14

Item14

Item 14

Bedrock Company reported a December 31 ending inventory balance of $414,000. The following additional information is also available:

• The ending inventory balance of $414,000 included $73,600 of consigned inventory for which Bedrock was the consignor.
• The ending inventory balance of $414,000 included $25,200 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year.

Based on this information, the correct balance for ending inventory on December 31 is:

Multiple Choice

• $388,800

• $359,200

• $241,000

• $339,800

• $303,000

Item15

Item 15

A company uses the periodic inventory system and had the following activity during the current monthly period.

November 1:	Beginning inventory	119 Units @ $10
November 5:	Purchased	119 Units @ $26
November 8:	Purchased	69 Units @ $25
November 16:	Sold	202 Units @ $140
November 19:	Purchased	110 Units @ $20

Using the weighted-average inventory method, the company's ending inventory would be:

Multiple Choice

• $5,115

• $1,190

• $3,925

• $3,390

• $4,232

Item16

Item16

Item 16

On July 9, Mifflin Company receives a $8,700, 120-day, 10% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note?

Multiple Choice

• Debit Notes Receivable $8,990; credit Sales $8,990.

• Debit Accounts Receivable $8,700; credit Sales $8,700.

• Debit Notes Receivable $8,700; credit Sales $8,700.

• Debit Notes Receivable $8,988; credit Interest Revenue $288; credit Accounts Receivable $8,700.

• Debit Notes Receivable $8,700; credit Accounts Receivable $8,700.