Question 4 (1 point)

Mega Retailer Inc. (MRI) is a retailer of children's toys. Select transaction data pertaining to its inventory holdings in August 20X3 follow:

• Event # of units Cost Sale price Opening inventory Aug. 1, 20X3 500 $10,000.00 Sale Aug. 5, 20X3 100 $4,000.00 Purchase Aug. 8, 20X3 300 6,300.00 Freight in Aug. 8, 20X3 100.00 Sale Aug. 13, 20X3 225 9,225.00 Freight out, Aug. 13, 20X3 180.00 Purchase Aug. 18, 20X3 350 6,650.00 Freight in Aug. 18, 20X3 110.00 Sale Aug. 25, 20X3 175 6,650.00 Sale Aug. 28, 20X3 275 10,725.00 MRI uses the weighted average cost flow assumption to account for its inventory.
• MRI rounds all calculations to the nearest whole cent (for example, $21.46).

Assume that MRI uses a perpetual inventory system to account for its inventories. What is the cost of goods sold expense that MRI will report on its statement of comprehensive income for the month ending August 31, 20X3?

Question 4 options:

$15,515.75

$15,608.50

$15,646.25

$15,745.25

SaveQuestion 5 (1 point)

Canaan's Crumpets Corp. (CCC) pays a monthly service charge to its bank based on its account activity (deposits made and cheques written) during that month. When CCC was performing its bank reconciliation for the month ending August 31, 20X2, it observed that it was charged a $120 service charge on August 31. What action must CCC take to ensure that its bank reconciliation balances?

Question 5 options:

Add the amount to the bank balance on the bank statement.

Add the amount to the cash balance in the general ledger.

Deduct the amount from the bank balance on the bank statement.

Deduct the amount from the cash balance in the general ledger.