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Questions 38, 39, 40, and 41 refer to the following data of Der Torossian Enterprises: Purchase dates: Units: Cost per Unit: Extended Totals: Beginning Inventory
Questions 38, 39, 40, and 41 refer to the following data of Der Torossian Enterprises: Purchase dates: Units: Cost per Unit: Extended Totals: Beginning Inventory 1,500 $2.00 $3,000 March 24, 2020 2,700 $2.50 $6,750 April 23, 2020 1,000 $2.75 $2,750 May 12, 2020 1,240 $3.00 $3,720 June 22, 2020 2,000 $3.10 $6,200 A physical count of inventory as of June 30th, the end of Der Torossian Enterprises FYE, shows 3,300 units on hand. 38) What is Ending Inventory at June 30, 2020 under FIFO 39) What is Ending Inventory at June 30, 2020 under LIFO 40) What is COGS through June 30, 2020 under FIFO 41) What is COGS through June 30, 2020 under LIFO Questions 42, 43, and 44 refer to the following data of Northey Northern Deep-Sea Fishing, Inc. at December 31, 2019: Sales Revenue $4,200,000 Beginning Inventory $650,000 Purchases $3,100,000 The Company employs a pricing model expected to yleld 22% gross profit. 42) What is your expectation of Gross Profit? 43) What is your expectation of COGS? 44) What is your expectation of Ending Inventory? 45) $250,000 of A/R are sold to a Factor incurring a 4% charge. The Je to record this transaction would include: A) Debit to Cash for $240,000 B) Debit to Factor Expense of $10,000 C) Credit to A/R for $250,000 D) Credit to Allowance for Doubtful Accounts for $10,000 E) All of the above F) Only A, B, and C above G) Only A, B, and D above H) None of the above. 46) A month after establish a petty cash fund for $400 the petty cash box contains miscellaneous receipts of $360, as well as $35 of cash. The Je to replenish the fund would include: A) Debit to Cash for $365 B) Debit to Petty Cash for $400 C) Debit to Miscellaneous Expense for $365 D) Credit to Cash for $360 E) Credit to Cash Short/Over for $5 F) Debit to Cash Short/Over for $5
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