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Question 1

A credit sale of $4100 is made on April 25, terms 2/10, net/30, on which a return of $200 is granted on April 28. What amount will be received as payment in full if collected on May 4?

$3822

$4100

$4018

$3900

Question 2

Pina Coladas Fashions sold merchandise for $175000 cash during the month of July. Returns that month totaled $4700. If the companys gross profit rate is 30%, Pina Coladas will report monthly net sales revenue and cost of goods sold of

$175000 and $122500.

$175000 and $119210.

$170300 and $51090.

$170300 and $119210.

Question 3

Novak Corp. accounting records show the following at the year ending on December 31, 2022.

Purchase Discounts	$ 12600
Freight-in	16900
Purchases	713020
Beginning Inventory	52000
Ending Inventory	57600
Purchase Returns and Allowances	12100

Using the periodic system, the cost of goods sold is

$699620.

$716420.

$737620.

$719520

Question 4

During the year, Montys Pet Shops merchandise inventory decreased by $38000. If the companys cost of goods sold for the year was $960000, purchases would have been

$922000.

$884000.

Unable to determine.

$998000.

Question 5

Skysong, Inc. has the following inventory data:

July 1		Beginning inventory		30 units at $19		$570
7		Purchases		105 units at $20		2100
22		Purchases		15 units at $22		330
						$3000

A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the average cost method, the value of ending inventory is

$1000.

$1030.

$970.

$1017.

Question 6

Sheridan Company has the following inventory data:

July 1		Beginning inventory		36 units at $19		$684
7		Purchases		126 units at $20		2520
22		Purchases		18 units at $22		396
						$3600

A physical count of merchandise inventory on July 30 reveals that there are 60 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

$2364.

$1164.

$1236.

$3595.

Question 7

Skysong, Inc. has the following inventory data:

July 1		Beginning inventory		30 units at $19		$570
7		Purchases		105 units at $20		2100
22		Purchases		15 units at $22		330
						$3000

A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

$1100.

$1000.

$1030.

$970.