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Please and thanks. I got to select the correct answer. For quetions 8 and 9 no data is requiered 8. What is the amount of
Please and thanks. I got to select the correct answer.
For quetions 8 and 9 no data is requiered
8. What is the amount of the Cost of Goods Sold under the methods of FIFO, UFO and Average? a) FIFO $37,800, LIFO $36,800, Average $36,000 b) FIFO $37,260, UFO $36,800, Average $37,800 c) FIFO $36,800, UFO $37,800, Average $37,260 (5 points) 9. What is the amount of the Ending Inventory under the methods of FIFO UFO and Average? a) FIFO $4,140, UFO $4,600, Average $3,600 b) FIFO $4,600, LIFO $3,600, Average $4,140 c) FIFO $3,600, LIFO $4,140, Average $4,600 The unadjusted balance of the cash account for the company is $21,342 as of December 31, xxx1. The bank statement shows a balance of $27,350, including bank service charges $29, outstanding checks $7,700, NSF check from a customer $540, and deposit on transit $1,321. The check #433 was correctly written and paid by the bank for the amount of $234, however the check was registered in the books for $432. The company uses the perpetual inventory system. (5 points) 10. When the company is preparing the bank reconciliation, the correct bank balance is determined by... a) $27,350 - $1,321 . $7,700 b) $27,350 - $1,321 + $7,700 c) $21,342 +$1,321 - $7,700 (5 points) 11. When the company is preparing the bank reconciliation, the correct book balance is determined by a) $21,342 + $540 + $29 - $198 b) $21,342 - $540 - $29.9198 d) $21,342 - 5540 - $29+$234 (4 points) 12. During the bank reconciliation, where the adjustment of interest revenues of a checking account must be registered? a) Added in the book balance b) Added in the bank balance c) Added in the book balance and the bank (4 points) 13. During the bank reconciliation, where the adjustment of deposit on transit of a checking account must be registered? a) Added in the bank balance b) Added in the book balance c) Added in the book balance and the bank 14. During the bank reconciliation, where the adjustment of debit memo of a checking account must be registered? a) Deducted from the bank balance b) Deducted from the book balance c) Deducted from the book balance and the bank (4 points) 15. During the bank reconciliation, where the adjustment of outstanding checks of a checking account must be registered? a) Deducted from the book balance and the bank b) Deducted from the book balance c) Deducted from the bank balance (4 points) 16. During the bank reconciliation, where the adjustment of NSF check of a checking account must be registered? a) Deducted from the bank balance b) Deducted from the book balance c) Deducted from the book balance and the bank (4 points) 17. During the bank reconciliation, where the adjustment of service charges of a checking account must be registered? a) Deducted from the book balance b) Deducted from the book balance and the bank c) Deducted from the bank balanceStep by Step Solution
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