Reference no: EM132316902
Question
1) Inventory on Jan 1 - Units = 10,000 Unit cost = $9.00
Purchases on June 18 - Units = 9,000
Unit Cost = $8.20
Purchases on Nov 8 - Units = 6,000 Unit Cost = $7.25
A physical inventory on Dec 31 shows 5000 units on hand. Under the FIFO method, the Dec 31 inventory is:
A - $41,000
B - $36,250
C - $40,725
D - $45,000
2) Using pre-numbered checks and having an approved invoice for each check is an example of:
A - segregation of duties
B - independent Internal Verification
C - Documentation procedures
D - Establishment of responsibility
3) Compute Whiz Company's adjusted cash balance per books based on the following information:
Beginning cash balance per books - $3,800
Deposit in Transit - 600
Check printing charge - 25
Note collected by bank for whiz - 2,000
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: A physical inventory on Dec 31 shows 5000 units on hand. Under the FIFO method, the Dec 31 inventory is? Compute Whiz Company's adjusted cash balance per books
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