The inventory data for an item for Nov. are: Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $20 10 units 30 units at $24 20 units 10 units at $22 Using the perpetual system, costing by the first-in, first-out method (FIFO), what is the cost of the merchandise inventory of 30 units on Nov 30? $220 $660 oo $700 $480 The inventory data for an item for June are: Nov. 1 Inventory 4 Sold 10 Purchased 17 Sold 30 Purchased 20 units at $20 10 units 13 units at $24 20 units 10 units at $22 Using the perpetual system, costing by the last-in, first-out method (LIFO), what is the cost of the merchandise inventory of 13 units on Nov. 30? $220 $280 $270 $288 A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the first in, first-out method (FIFO), what is the cost of the 700 units in inventory at year-end? $9,700 $4,000 $8,500 $2,800 A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the first in, first-out method (FIFO), what is the cost of the goods sold for the year? $4,000 $9,700 $8,500 $2,800 A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the Last in, first-out method (LIFO), what is the cost of the 700 units in inventory at year-end? $4,000 $8,500 $9,700 $2,800 A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the last in, first-out method (LIFO), what is the cost of the goods sold for the year? $8,500 $9,700 $2,800 $4,000 A new company has inventory data for an item purchased during the year. The year-end ending inventory is 1,000 units. Using the periodic system, average cost method, what is the cost of the merchandise inventory at year-end? The purchase activity is as follows: Date No. of Items Purchased Cost/Unit Total Cost Jan. 16 Mar. 18 Nov. 23 800 2,200 2,000 $7.00 $8.00 $9.00 $ 5,600 17,600 18,000 Total 5,000 $41,200 $9,000 $8,000 $8,240 $41,200 If the estimated rate of gross profit is 45%, what is the estimated cost of the merchandise inventory on June 30, based on the following data? June 1 Merchandise inventory June 1-30 Purchases (net) June 1-30 Sales (net) $ 100,000 180,000 90,000 $ 214,500 $245,500 $ 230,500 $240,000 On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method? Oct. 1 Merchandise Inventory Oct. 1-31 Purchases (net) Oct. 1-31 Sales (net) Cost $50,000 100,000 Retail $75,000 125,000 80,000 $70,000 $80,000 $90,000 $ 100,000 A 60-day, 10% note for $26,000, dated Dec. 15, is received from a customer on account. The face amount of the note is $26,000 $28,600 $2,600 $26,800 Question 12 0.8 pts A $2,000, 60-day, 12% note recorded on July 21 is not paid by the maker at maturity. The journal entry to recognize this event is debit Accounts Receivable, $2,000; credit Notes Receivable, $80, credit Interest Revenue, $80 debit Accounts Receivable, $2,000; credit Notes Receivable, $2,000; debit Accounts Receivable, $2,040; credit Notes Receivable, $2,000; credit Interest Revenue, $40 none of the other answers are correct A 60-day, 12% note for $48,000, dated June 8, is received from a customer. The interest due at maturity is $960 $1,080 $906 $480 Question 14 0.7 pts After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $100,000 and Allowance for Bad Debts has a balance of $10,000. What is the net realizable value of the accounts receivable? $100,000 $10,000 $90,000 $110,000 A 60-day,6% note for $6,000, dated July 10, is received from a customer. The due date of the note is Sept. 9 Sept. 6 Sept. 8 Sept. 7 Question 16 0.8 pts The Allowance for Bad Debts has a credit balance of $100 at the end of the year (before adjustment), and an "aging of receivables" analysis indicates we have $5,000 of accounts that are expected to be uncollectibe. Which of the following entries would correctly record the adjustment to Allowance for Bad Debts? debit Allowance for Bad Debts, $5,100; credit Bad DebtsExpense, S5,100 debit Bad Debts Expense, $100; credit Allowance for Bad Debts, $100 debit Bad Debts Expense, $5,000; credit Allowance for Bad Debts, $5,000 debit Bad Debts Expense, $4,900; credit Allowance for Bad Debts, $4,900 The Allowance for Bad Debts has a credit balance of $9,000 at the end of the year (before adjustment), and a "percent of sales" estimate indicates that $39,000 will be uncollectible. Which of the following entries would correctly record the adjustment to allowance for Bad Debts? debit Bad Debts Expense, $39,000; credit Allowance for Bad Debts, $39,000 debit Accounts Receivable; credit sales revenue debit Bad Debts Expense, $9,000; credit Allowance for Bad Debts, $9,000 debit Bad Debts Expense, $30,000; credit Allowance for Bad Debts, $30,000 A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the first in, first-out method (FIFO), what is the cost of the 700 units in inventory at year-end? $9.700 $4,000 $8,500 $2,800