Reference no: EM133025628

Questions -

Q1. Pharoah Company purchased 20 calculators for $20 each, one-half on May 14, and the other half on May 22, all on account. Pharoah sold 18 of the calculators on May 25 for $30 each. It received payment for 6 of them on May 30 and payment for the other 12 on June 4. Pharoah paid the supplier for 5 of the calculators on May 21. How much revenue should Pharoah recognize during May?

A) $180

B) $540

C) $360

D) $270

Q2. Wildhorse Retail sold merchandise for $800 subject to credit terms of 2/10, n/30. Which one of the following is part of the journal entry made by Wildhorse Retail to record the collection in full within the discount period in a perpetual inventory system?

-Credit to Accounts Receivable for $816

-Credit to Inventory for $16

-Debit to Cash for $816

-Debit to Sales Discounts for $1616 A company purchased inventory as follows:

192 units at $5.80

288 units at $6.30

The average unit cost for inventory is

a. $6.10.

b. $6.30.

c. $5.80.

d. $6.05.