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What is the ending inventory balance for julia company

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Q1) The following information pertains to Julia & Company:

March 1 Beginning inventory = 30 units @ $5

March 3 Purchased 15 units @ $4

March 9 Sold 25 units @ $8

What is the ending inventory balance for Julia & Company assuming that it uses FIFO?

A) $125.

B) $100.

C) $110.

D) $85.

Q2) The following information pertains to Julia & Company:

March 1 Beginning inventory = 30 units @ $5

March 3 Purchased 15 units @ $4

March 9 Sold 25 units @ $8

What is the cost of goods sold for Julia & Company assuming it uses LIFO?

A) $125.

B) $100.

C) $110.

D) $85.

Q3) On November 1, 2018, New Morning Bakery signed a $200,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019. New Morning Bakery should record which of the following adjusting entries at December 31, 2018?

A) Debit Interest Expense and credit Interest Payable, $2,000.

B) Debit Interest Expense and credit Cash, $2,000.

C) Debit Interest Expense and credit Interest Payable, $6,000.

D) Debit Interest Expense and credit Cash, $6,000.

Reference no: EM132187456

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