Question
Please help me answer these questions from my cost accounting homework. Please show work if there is any! Thanks! #1 A company offers a 10%
Please help me answer these questions from my cost accounting homework. Please show work if there is any! Thanks!
#1 A company offers a 10% trade discount when providing services of $5,000 or more to its customers.
Record the transaction when the company provides services of $8,600 (not including the trade discount) on account. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
#2 Consider the following inventory transactions for September:
Beginning inventory 14 units @ $ 3.10
Purchase on September 12 27 units @ $ 3.50
Purchased on September 23 10 units @ $ 4.40
For the month of September, the company sold 34 units. What is cost of goods sold under the weighted-average cost method? (Do not round your intermediate calculations. Round the weighted-average unit cost to 4 decimals if necessary. Round your answer to the nearest dollar amount.)
A) 121
B) 105
C) 150
D) 126
#3 Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.
Inventory Quantity Unit Cost Unit NRV
Furniture 260 $ 91 $ 106
Electronics 56 460 330
What is the total recorded cost of ending inventory before any adjustments.
#4 On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,400. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.
Required:
For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
A) Record the acceptance of the note receivable for legal services provided.
B)Record the cash received on note receivable and interest.
#5On September 1, 2021, Middleton Corp. lends cash and accepts a $4,300 note receivable that offers 11% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
A) 158
B) 473
C) 688
D) 602
#6 Inventory records for Dunbar Incorporated revealed the following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 480 $ 2.32
Apr. 20 Purchase 400 2.62
Dunbar sold 600 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
A) 1258
B) 650
C) 1114
D) 734
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