Mutiple Choice Questions 1&2

1)

a) 216 b)224 c)238 d)218 e)236

2)

A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold? Date Activities Units Acquired at Cost Units Sold at Retail February 1 Beginning inventory 10 units @ $18 = $180 February 3 Purchase 20 units @ $22 = $440 February 5 Sales 12 units sold Freeman Company had net sales of $4,200,000 and accounts receivable of $672,000. Its days' sales uncollected equals: Multiple Choice O 16.0 days 58.4 days 19.2 days 11.5 days O 292 days