questions:

1)

Whitman Corporation sells six different products. The following information is available on December 31: When applying the lower of cost or market rule to each item, what will Whitman's total ending inventory balance be? $173,000 $166,200 $166,550 $166,400 While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take? Void the check. If it has not been cashed in 5 months, it will never be cashed. Issue a replacement check because you assume the original check has been lost. Wait 3 more months to give the bank more time to clear the check. Investigate to determine why the check has not cleared. Of the following employees, who should prepare the bank reconciliation? Anne, the bookkeeper, because she is aware of all transactions that affected cash. Michael, the treasurer, because he has control of the checkbook and has taken more accounting courses than any other employee. Mary, the cashier, because she does not pay bills. Frank, the purchasing agent, because he does not work in the accounting department. Financial information is presented below: Operating expenses $ 45,000 Sales returns and allowances 4,000 Sales discounts 6, 000 Sales revenue 160,000 Cost of goods sold 90, 000 The gross profit rate would be .40 .60 .44 .45 If a monthly cash budget is prepared properly, there will never be a cash deficiency at the end of any month. True or False