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Search or type a command T202 Gr.01) Hi RAHMAT OMOTUNDE, when you submit this form, the owner will be able to see your name and

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Search or type a command T202 Gr.01) Hi RAHMAT OMOTUNDE, when you submit this form, the owner will be able to see your name and email address. Required 1. Race Motor Inc. is a wholesaler which sells motorcycle components to retailers. Race Motor Inc. uses perpetual inventory system and Last-in, first-out (LIFO) method. On March 3, 2020, Race Motors sells 450 units of a particular motorcycle tires to a customer at a unit selling price of $143. Just prior to this sale, Race Motors Inc. has the following units of the motorcycle tires on hand: Units Purchase date January 3, 2020 February 12, 2020 March 29, 2020 246 tires 320 tires 130 tires Unit cost $78 $79 $8 What is the amount of gross profit related to the sale made on March 3 Search or type a command CCT202 Gr.01) 2. ABC Company is a merchandising firm which uses a perpetual inventory system and First-in, First out (FIFO) method. On August 28, ABC Company sells 312 units for $11.8 per unit. Prior to the sale, the following purchases are made during August: Date Units Unit cost August 3 Purchase 230 units $5.4 August 13 Purchase 128 units $5.5 August 25 Purchase 88 units $5.7 What is cost of goods sold related to the sale of the product on August 28? E Search or type a command T202 Gr.01) 3.Jansen Company gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per books, $6,600 Deposits in transit $900 Interest earned on average bank balance of the company. $2,220 A check issued for payment of electricity expense in the amount of $70 is erroneously recorded in the accounting books as $145. Outstanding checks, $4,500. NSF check. $420 The adiusted cash balance per books on April 30 is Search or type a command 01) 4. Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $1,200 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, 2018. This analysis disclosed the following information: Age Group Total Not yet due 1-30 days past due $ 31-60 past due $ Percentage Considered Uncollectible 1 % 2 % 8 % 30,000 13,000 What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at December 31. 2018

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