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please help with these exercises , 30, 31 and 32 . all of them are connected .thanks 30. Tanner Corporation's poration's Inventory on its balance
please help with these exercises , 30, 31 and 32 . all of them are connected .thanks 30. Tanner Corporation's poration's Inventory on its balance sheet was lower using first-in, first-out than shalance sheet was lower using would have been using last in first-out Assuming no beginning inventory. In direction did the cost of purchases move during the period? a) Up [b] Down [c] Steady [d] Cannot be determined Use the following to answer question 31: Winsor Co. records purchases at net amounts on May 5 Winsor purchased merchandise on account, $80,000, terms 2/10, n/80, Winsor returned $6.000 of the May 5 purchase and received credit on account. At May 31 the balance had not been paid. 31. By how much should the account payable be adjusted on May 31? [a] $0. [b] $1,720 (c) $1,600 [d] $1,480 Use the following to answer question 32: Transactions for the month of June were: Purchases June 1 (balance) 3,200 $3.20 June 2 Sales 2,400 @ $5.50 8,800 3.10 6 6,400 @ 5.50 4,800 @ 3.30 9 4,000 @ 5.50 7,200 @ 3.40 10 1,600 @ 6.00 2,000 @ 3.50 18 25 5,600 @ 800 @ 6.00 6.00 32. Assuming that perpetual inventory records are kept in dollars, the ending Inventory on a FIFO basis is [a] $16,440. [b] $16,640. (c) $17,160. [d] $17,880. Page 7
please help with these exercises , 30, 31 and 32 . all of them are connected .thanks
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