Media Text Comment Collaborate 22) A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold 150 units for $50 each from March 1 through December 31. If the company uses the first-in, first-out (FIFO) inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 317 (Assume that the company uses a perpetual inventory system.) A) $4250 B) $3.000 C) $6,750 D) $4,000 23) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 cach on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the last-in, first-out (LIFO) inventory costing method, what is the amount of cost of goods sold on the income statement for the year ending December 317 (Assume that the company uses a perpetual inventory system.) A) $4,000 B) $5,000 C) $3.000 D) $2.000 Normal Text Style Layout Font 24) A company uses a set of special journals and a general journal. If the owner contributes $200 to the business it would be recorded in the A) purchases journal B) cash payments journal C) cash receipts journal D) general journal Palatino Linotype 1 25) A company uses a set of special journals and a general journal. If the company returned merchandise purchased on credit it would be recorded in the A) sales journal B) general journal C) purchases journal D) cash payments journal U s Character Styles None 26) A company uses a set of special journals and a general journal. If the company sells merchandise for cash it would be recorded in the A) sales journal B) cash payments journal C) cash receipts journal D) general journal Text Color 27) A company uses a set of special joumals and a general journal. If the business purchased equipment for S1500 cash it would be recorded in the A) purchases journal B) cash payments journal C) cash receipts journal D) general journal 28) Which of the following is true of an accounts payable subsidiary ledger? A) It does not indicate the amount owed to each vendor. B) Its format is entirely different from an accounts receivable subsidiary ledger. C) It shows only a single total for the amount owed on account. Spacing 1.0 - Sir Bullets & Lists None Drop Cap D) It lists vendors in alphabetical order, along with amounts paid to the vendors and the remaining amounts owed to them. 29) A check was written by a business for $904, but was recorded in the cash payments journal as $409. How would this error be included on the bank reconciliation? A) a deduction on the book side B) an addition on the book side C) a deduction on the bank side D) an addition on the bank side