Question 1

Question 2

Milky Way Company reports the following for the month of June: (3 points) Question 1 - What is Milky Way Company's gross margin for the month of June, assuming that Milky Way uses FIFO and has a unit selling price of $12 ? (3 points) Question 2 - What is Milky Way Company's gross margin for the month of June, assuming that Milky Way uses weighted average and has a unit selling price of $12 ? (1 point) Question 3 - Explain why the average cost per unit from Question 2 is not exactly. \$6. Sam, who is a first year staff accountant at ABC Accounting Company, was preparing the bank reconciliation for a client for the month of May. He has realized that he needs some help in preparing the bank reconciliation...his version is found below. (3 points) Question 4 - Based on your review of Sam's reconciliation, what should be the true cash balance