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6. Based on a physical count of inventory on December 31, 2020, Roz Corporation had $120,000 of inventory in its warehouse on December 31, 2020. The following additional information is available: . Goods costing $7,100 were purchased from a supplier and in transit to Roz on December 31, 2020, with terms F.O.B. shipping point (the goods arrived at Roz's warehouse on January 6, 2021). Goods costing $1,200 were returned by a customer on December 31, 2020. The customer had purchased the goods from Roz for $1,850. The goods were processed and returned to the warehouse on January 3, 2021; a credit note was issued to the customer on the same date. The correct amount of inventory to be reported by Roz on its December 31, 2020 balance sheet is: a) $128,950. b) $128,300. c) $127,100. d) $121.200. e) $120.000.7. Fay Inc. has an inventory balance of $76,000 on January 1, 2020. The following accounts and amounts were reported in Fay's unadjusted trial balance as at December 31, 2020: purchases $34,200, transportation-in $2,500, transportation-out $3,600, and purchase returns $5,100. Based on a physical count of inventory in its warehouse at year end, Fay had $68,000 of inventory on hand on December 31, 2020. The year-end adjusting entry for inventory would include a debit to cost of goods sold for: a) $43.200. b) $42,200. c) $39,600. d) $37.100. e) None of the above; no year-end adjusting entry for inventory is required.8. The treasurer for Riley Corp. was preparing a bank reconciliation as of September 30 2020. The following items were identified: Riley's book balance $32.800 Deposits in transit 4.300 Outstanding checks 2.200 Interest earned on checking account 100 Customer's NSF check returned by the bank 400 Riley Corp.'s adjusted cash balance at September 30, 2020 is: a) $34,600 b) $34.900 c) $32.500 d) $32.800 e) $37.1009. Alpha Inc.'s managers would like to prepare a set of financial statements for the month of June, for internal use. Alpha's managers need to estimate ending inventory as at June 30. because a physical inventory count is only done once each year (on December 31). The following information is available: . Inventory on June 1 is $36,000. Sales in June were $125,000. Inventory purchases in June were $59,000. Average gross profit percentage in the last three years has been 40%. An appropriate estimate of Alpha Inc.'s ending inventory as at June 30 is: a) $75.000. b) $45,000. c) $30.000. d) $20,000. e) Not determinable from the information given.10. Sid Inc. has an item in its inventory, with the following information as at years ended December 31, 2020 and December 31, 2021, respectively: As at year ended Quantity Cost per Estimated sale Estimated selling on hand unit price per unit cost per unit December 31, 2020 200 $40 $55 $20 December 31, 2021 130 $40 $80 $20 Regarding the adjusting entry that Sid should record on December 31, 2020, and/or the adjusting entry that Sid should record on December 31, 2021, which of the following statements is true? a) Sid should record a $1,000 debit to cost of sales on December 31, 2020, and a $1,000 credit to cost of sales on December 31, 2021. b) Sid should record a $1,000 debit to cost of sales on December 31, 2020, and a $650 credit to cost of sales on December 31, 2021. c) Sid should record a $1,000 debit to cost of sales on December 31, 2020, and no adjusting entry on December 31, 2021. d) Sid should not record any adjusting entry on December 31, 2020, or on December 31, 2021, because estimated sale price per unit is greater than cost per unit on both dates. e) Sid should not record any adjusting entry on December 31, 2020, or on December 31, 2021, because estimated sale price per unit less estimated selling cost per unit. increases to an amount greater than cost per unit by December 31, 2021