Which of the following would be subtracted from the balance per books on a bank reconciliation?

error in recording a check for $732 as $723

notes collected by the bank

outstanding checks

deposits in transit

The following units of an inventory item were available for sale during the year:

Beginning inventory	10 units at $55
First purchase	25 units at $60
Second purchase	30 units at $65
Third purchase	15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is

a.$1,375

b.$1,350

c.$1,250

d.$1,150

During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory?

LIFO method

can not tell without more information

FIFO method

average cost method