Get college assignment help at uniessay writers (12) Blank Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows. Cost Market Small $65,088 $74,241 Medium 294,930 264,420 Large 154,584 173,907 Determine the value of the company’s inventory under the lower-of-cost-or-market approach. Small $ ______________? Medium $ ______________? Large $ ______________? Thank you!!!
Please explain in a few paragraphs how one company places a value on a second company in which they wish to acquire and how much of that value should be placed on intangible items?
USE ANSWER SHEET ON LAST PAGE TO RECORD YOUR ANSWERS (True or False) 1 All business owners are personally liable for the debts of their businesses. 2 Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Financial Accounting Standards Board, or the FASB. t 3 A journal entry is an event that has a financial impact on the business that can be reliably measured. 4 Double-entry accounting records only those transactions affecting the income statement. 5 When using accrual accounting, revenues are recorded when the business performs a service. 6 Adjusting journal entries recorded at the end of an accounting period update revenue and expense accounts, as well as asset or liability accounts. 7 To maintain effective internal control, employees responsible for handling cash should have access to the accounting records. 8 Differences between the bank statement and the company’s Cash account are primarily the result of timing errors made by the company. 9 Trading securities are considered to be long-term investments. 10 If credit sales are $2,920,000, then one day’s sale is equal to $8,000. 11 Inventory is presented on the balance sheet at the selling price of the item. 12 In a period of increasing prices, LIFO generally results in a lower tax liability. (Multiple Choice) 13 The objectivity principle of accounting: A. holds that the entity will remain in operation for the foreseeable future. B. enables accountants to ignore the effect of inflation in the accounting records. C. maintains that each organization or section of an organization stands apart from other organizations and individuals. D. ensures that accounting records and statements are based on the most reliable data available. 14 An Oklahoma City business paid $15,000 cash for equipment used in the business. At the time of purchase, the equipment had a list price of $20,000. When the balance sheet was prepared, the value of the equipment later rose to $22,000. What is the relevant measure of the value of the equipment? A. Historical cost, $15,000 B. Fair market cost, $20,000 C. Current market cost, $22,000 D. $15,000 on the day of purchase, $22,000 on balance sheet date 15 Dividends: A. are expenses. B. always affect net income. C. are distributions to stockholders of assets (usually cash) generated by net income. D. are distributions to stockholders of assets (usually cash) generated by a favorable balance in retained earnings. 16 Which of the following must be added to beginning Retained Earnings to compute ending Retained Earnings? A. Net income B. Expenses C. Dividends D. All of these answers are correct. 17 At the end of the current accounting period, account balances were as follows: Cash, $180,000; Accounts Receivable, $75,000; Common Stock, $20,000; Retained Earnings, $65,000. Liabilities for the period were: A. $ 70,000. B. $170,000. C. $190,000. D. $210,000. 18 Revenues were $170,000, expenses were $90,000, and cash dividends were $30,000. What was the net income and the change in retained earnings for the period? A.Net income was $50,000; change in retained earnings was $50,000 B. Net income was $80,000; change in retained earnings was $50,000 C. Net income was $80,000; change in retained earnings was $80,000 D. Net income was $250,000; change in retained earnings was $250,000 19 If assets increase $210,000 during a given period and liabilities increase $65,000 during the same period, stockholders’ equity must: A. increase $145,000. B. decrease $275,000. C. decrease $145,000. D. increase $275,000. 20 Income taxes owed to the federal government would be classified as a(n): A. expense on the income statement. B. financing activity on the statement of cash flows. C. current asset on the balance sheet. D. current liability on the balance sheet. 21 The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction: A. increased a liability account and increased liabilities. B. decreased cash and increased expenses. C. increased assets and increased owners’ equity. D. is not a transaction recognized by the business. 22 Consider the following transactions: I. Borrowed cash on a note payable, $80,000 II. Provided services on account, $10,000 III. Received cash from a customer as payment on account, $8,000 IV. Received a utility bill, $1,200 Total assets would be: A. $96,800. B. $88,000. C. $90,000. D. $98,000. 23 The purchase of land for cash would: A. increase total assets. B. decrease stockholders’ equity. C. increase the total debits on the trial balance. D. have no effect on total assets. 24 Performing services on account would: A. decrease both assets and liabilities. B. increase assets and decrease stockholders’ equity. C. decrease revenue and decrease stockholders’ equity. D. increase net income and stockholders’ equity. 25 Consider the following transactions: I. Borrowed cash on a note payable, $80,000 II. Provided services on account, $10,000 III. Received cash from a customer as payment on account, $8,000 IV. Received a utility bill, $1,200 Total liabilities would be: A. $1,200. B. $81,200. C. $98,000. D. $80,000. 26 Consider the following transactions: I. Owners invested $8,000 cash to begin the business II. Provided services for cash, $6,000 III. Provided services on account, $4,000 IV. Paid cash for expenses, $7,500 How much cash does the business have? A. $ 2,500 B. $ 4,500 C. $ 6,500 D. $10,500 27 Consider the following transactions: I. Owners invested $8,000 cash to begin the business II. Provided services for cash, $6,000 III. Provided services on account, $4,000 IV. Paid cash for expenses, $7,500 How much net income did the business have? A. $2,500 B. $3,000 C. $4,000 D. $6,000 28 A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error? A. Slide B. Transposition C. Mislabeling D. Failure to post a transaction 29 An expense incurred in 2008 is not paid until 2009. Using the accrual basis of accounting, the expense should appear on: A. the 2008 income statement. B. the 2009 income statement. C. neither the 2008 nor the 2009 income statement. D. both the 2008 and 2009 income statements. 30 A company using the accrual basis of accounting pays $15,000 for a television advertising campaign. Commercials will run evenly in December, January, and February. How much expense will be reported on an income statement prepared for the month of December? A. $0 B. $5,000 C. $10,000 D. $15,000 31 On November 1 of the current year, Prepaid Rent was debited $5,400 for three months of rent, in advance. The amount of the adjusting entry on December 31 is: A. $1,800. B. $3,600. C. $5,400. D. $0. 32 O’Connor Company purchased supplies totaling $21,600. By year end, $9,300 of supplies were still on hand. How much supplies expense should O’Connor recognize? A. $9,300 B. $12,300 C. $21,600 D. $0 B 33 Arizona Teak Company paid $54,000 for computers. These computers have an estimated service life of 3 years and a salvage value of $3,000. After one year of use, the book value of the computers will be: A. $17,000. B. $37,000. C. $51,000. D. $0. 34 Closing entries transfer the balances of revenue and dividends accounts to which account? A. Paid-in Capital B. Net Income C. Common Stock D. Retained Earnings 35 Current assets are $40,000 and long-term assets are $50,000. Total liabilities are $60,000, of which current liabilities are 50%. The current ratio is: A. 1.33. B. 1.50. C. 3.00. D. 9.00. 36 Rosewood Company had Current Assets of $582, Current Liabilities of $433, Total Assets of $732, and only Current Liabilities are Total Liabilities. If Rosewood executes a note for $500 for six months, what is the new debt ratio? A. 0.59 B. 0.75 C. 1.27 D. 2.15 37 Requiring employees to take annual vacations is a part of which characteristic of internal control? A. Assignment of responsibilities B. Separation of duties C. Proper authorization D. Competent and reliable personnel 38 Differences between the amount of cash reported on a company’s bank statement and the balance in the company’s Cash account before the bank reconciliation are primarily due to: A. errors in the accounting process by the company. B. errors made by the bank. C. differences between the cash basis and accrual basis of accounting. D. timing difference in recording transactions. 39 If a bookkeeper mistakenly recorded a disbursement as $810 instead of the correct amount of $180, the error should be shown on the bank reconciliation as a(n): A. $180 addition to the books. B. $180 deduction from the books. C. $630 addition to the books. D. $630 deduction from the books. 40 The bank statement balance is $6,450 and shows a service charge of $30, interest earned of $25, and a NSF check for $475. Deposits in transit total $1,850; outstanding checks are $1,125. What is the adjusted bank balance? A. $5,725 B. $5,970 C. $7,175 D. $7,655 41 A purchase request: A. identifies the need for merchandise and begins the purchasing process. B. identifies that the merchandise has been received and ends the purchasing process. C. is sent by the purchasing department to the customer who purchases the item. D. includes the invoice, receiving report, purchase order and purchase request. 42 A receiving report is prepared by what department? A. Accounting B. Shipping C. Purchasing D. Marketing 43 An imprest petty cash fund of $400 was established for minor disbursements. At the end of the month, the fund included petty cash tickets for the purchase of $185 in supplies, $41 for postage, $86 for fuel and a delivery charge of $65. How much cash is required to replenish the fund? A. $ 23 B. $226 C. $312 D. $377 44 Assuming a beginning cash balance of $2,000, estimated cash receipts of $105,900, and a desired ending cash balance of $3,500, then the estimated cash disbursements are: A. $105,400. B. $104,400. C. $106,900. D. $108,400. 45 An unrealized loss on a marketable security means that the: A. value of the security at the time of sale exceeded the historical cost of the security. B. current market value of the security exceeds its original cost. C. historical cost of the security is less its current market value. D. historical cost of the security exceeds its current market value. 46 Bigg and Talle Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $5,000,000 and management estimates 2% will be uncollectible. Allowance for Doubtful Accounts prior to adjustment has a credit balance of $16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be: A. $116,000. B. $100,000. C. $ 84,000. D. $ 16,000. 47 Calside Company signed a 15-month, $50,000, 6% note on June 1, 2008. The amount of interest to be accrued on December 31, 2008, is: A. $3,000. B. $1,750. C. $1,500. D. $1,141. 48 The maturity value of a $40,000 note at 11% for 5 months is: A. $41,833. B. $40,880. C. $44,400. D. $47,260. 49 VISA charges a fee for using credit cards. If Brunda’s is charged $40 on a sale of $1,600, what percentage is the fee? A. 0.25 B. 2.50 C. 4.00 D. 3.50 50 Alex Rhodes’ net sales for the current period were $114,000 and average receivables were $96,250. What is the amount of one day’s sales (rounded)? A. $312 B. $264 C. $427 D. $557 51 A company has $40,000 in cash, $75,000 in short-term investments, $263,000 in net current receivables, and $110,000 in inventory. The total current liabilities of the firm are $305,000. The quick ratio of the company is: A. 0.63. B. 1.24. C. 1.60. D. 1.76. 52 A company with net sales of $800,000, a beginning balance of net receivables of $70,000, and an ending balance of net receivables of $90,000 has a collection period of (rounded): A. 110 days. B. 41 days. C. 36 days. D. 32 days. 53 BMX Co. sells item XJ15 for $1,000 per unit, and has a cost of goods sold percentage of 80%. The gross profit to be found for selling 20 items is: A. $20,000. B. $16,000. C. $ 4,000. D. No gross margin can be calculated with a cost of goods sold percentage greater than 50%. 54 The purchasing manager for East Coast Hoggs is attempting to determine how much inventory to purchase for the upcoming month. The following information has been collected: Current inventory $ 32,000 Budgeted cost of goods sold 80,000 $80,000 The manager wishes to end the month with ending inventory of $25,000. How much inventory must the company purchase? A. $85,000 B. $82,000 C. $73,000 D. $67,000 55 Given the following data, what is the value of cost of goods sold as determined by the FIFO method? Sales revenue 300 units at $15 per unit Beginning inventory 120 units at $9 per unit Purchases 240 units at $10 per unit A. $2,880 B. $2,912 C. $2,940 D. $4,500 56 Given the following data, what is the value of the gross profit as determined by the LIFO method? Sales revenue 300 units at $15 per unit Beginning inventory 120 units at $9 per unit Purchases 240 units at $10 per unit A. $2,880 B. $2,940 C. $1,620 D. $1,560 57 Given the following data, calculate the gross profit using the average-cost method, if the selling price was $20 per unit. Date Item Unit 1/1 Beginning inventory 40 units at $12 per unit 3/5 Purchase of inventory 18 units at $14 per unit 5/30 Purchase of inventory 24 units at $18 per unit 12/31 Ending inventory 20 units A. $851.71 B. $634.78 C. $359.90 D. $283.90 58 Char Daniels, controller for Chaka Inc., has the following items: Sales revenue $300,000 Cost of goods sold $180,000 Beginning inventory $85,000 Ending inventory $65,000 Inventory turnover is: A. 4.00. B. 2.40. C. 2.12 D. 2.00. 59 Tonga Industries reported the following: Net Sales $450,000 Cost of goods sold $360,000 Operating expenses $60,000 Tax Rate 40% The gross profit percentage is: A. 80%. B. 60%. C. 32%. D. 20%. 60 Tonga Industries reported the following: Net Sales $450,000 Cost of goods sold $360,000 Operating expenses $60,000 Tax Rate 40% The net income is: A. $180,000. B. $ 30,000. C. $ 18,000. D. $ 12,000
PROBLEM 13-4A Entries for bonds payable transactions You may use the attached spreadsheet to complete this activity. You will find the spreadsheet by clicking on the paper clip found in the upper left hand corner of the screen. Kornet Co. produces and sells graphite for golf clubs. The following transactions were completed by Kornet Co., whose fiscal year is the calendar year: 1. Journalize the entries to record the transactions. Date Account Debit Credit Jul. 1, 2007 Date Account Debit Credit Dec. 31, 2007 Date Account Debit Credit Dec. 31, 2007 Date Account Debit Credit Dec. 31, 2007 Date Account Debit Credit Jun. 30, 2008 Date Account Debit Credit Dec. 31, 2008 Date Account Debit Credit Dec. 31, 2008 Date Account Debit Credit Dec. 31, 2008 Date Account Debit Credit Jul. 1, 2009 2. Indicate the amount of the interest expense in (a) 2007 and (b) 2008. (a) 2007 $ (b) 2008 $ 3. Determine the carrying amount of the bonds as of December 31, 2008. $
The balance in the Finished Goods Inventory account on July 1, 2004, was $34,000 and the June 30, 2005, balance in the Finished Goods Inventory account was $41,000. If the cost of goods manufactured was $200,000, what was the cost of goods sold?
On May 31, 2008, James Logan Company had a cash balance per books of $6,538.71. The bank statement from Farmers State Bank on that date showed a balance of $6,110.69. A comparison of the statement with the cash account revealed the following facts. 1. The statement included a debit memo of $30.17 for the printing of additional company checks. 2. Cash sales of $439.53 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $489.53. The bank credited Logan Company for the correct amount. 3. Outstanding checks at May 31 totaled $590.69. Deposits in transit were $1,879.02. 4. On May 18, the company issued check No. 1181 for $885.00 to Barry Trest, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Logan Company for $858.00. 5. A $2,426 note receivable was collected by the bank for Logan Company on May 31 plus $88.44 interest. The bank charged a collection fee of $18.72. No interest has been accrued on the note. 6. Included with the cancelled checks was a check issued by Bridgetown Company to Tom Lujak for $851.69 that was incorrectly charged to Logan Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $676.55 for a check issued by Sandy Grifton, a customer, to Logan Company on account. Prepare the necessary adjusting entries for Logan Company at May 31, 2008
Caroline Company reports the following costs and expenses in May. Factory utilities $ 11,226 Direct labor $68,977 Depreciation on factory equipment 12,693 Sales salaries 46,060 Depreciation on delivery trucks 3,419 Property taxes on factory building 2,834 Indirect factory labor 49,135 Repairs to office equipment 1,153 Indirect materials 85,428 Factory repairs 2,358 Direct materials used 137,961 Advertising 18,174 Factory manager’s salary 8,166 Office supplies used 2,335 Instructions From the information, determine the total amount of: (a) Manufacturing overhead. (b) Product costs. (c) Period costs.
Which one of the following is a characteristic of a business combination that should be accounted for as a purchase? a. The combination must involve the exchange of equity securities only. b. The transaction clearly establishes an acquisition price of the company being acquired. c. The two companies may be about the same size and it is difficult to determine the acquired company and the acquiring company. d. The transaction may be considered to be the uniting of the ownership interests of the companies involved. e. The acquired subsidiary must be smaller in size than the acquiring parent.
Get college assignment help at uniessay writers 84. Olmsted Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Olmsted Company report as stockholders” equity? A. $898,000. B. $998,000. C. $1,098,000. D. $1,198,000.
“1. Journalize the entries to record the following selected bond investment transactions for Southwest Bank: 1. Purchased for cash $400,000 of Daytona Beach 5% bonds at 100 plus accrued interest of $4,500 2. Received first semiannual interest 3. Sold $250,000 of the bonds at 97 plus accrued interest of $1,800. 2. On Jan 1 2010, Valuation Allowance for Trading Investment has a credit balance of $8,700. On Dec 31,2010 the cost of trading securities portfolio was $52,400 , and the fair value was $53,000. Required: Prepare the December 31, 2010 adjusting journal entry to record the unrealized gain or loss on trading investments. 3. On March 1 2010, Chase Inc. purchased $60,000 of 10 year 8% bonds on their issuance date directly from Manus Corporation at $51,600 as a held to maturity investment. What adjusting entry would Chase make to record amortization of discount on December 31, 2010 using the STRAIGHT LINE METHOD? 4. On June 30, 2009 Airport Company issued $1,500,000 of 10 year, 8% bonds, dated June 30, for $1,540,000. The bonds were purchased by Paxton Co. on the issue price. Present entries to record the following transactions” (a) Airport Company (1) Issuance of bonds (2) Payment of first semiannual interest on December 31, 2009 (3) Amortization by STRAIGHT-LINE METHOD of bond premium on December 31, 2009 (b) PAXTON Co. (1) Purchase of bonds (2) Receipt of first semiannual interest amount on December 31 2009 (3)) Amortization by straight-line method of bonds premium on December 31, 2009. 5. Present journal entries to record the following selected transactions of Masterson Corporation: (a) Purchased 600 shares of the 100,00 shares outstanding $10 par common shares of Dankin Corporation for $5,100 (b) Purchased 3500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted for by the EQUITY METHOD (c) Received a cast dvidend for $1 per share on the Dankin Corporation stock acquired in (a) (d) Reveived a cash dividend of $2 par share on the Ramon Co. stock acquired in (b) (e) Sold 100 share s of the Dankin Corporation shares acquired in (a) for $2,100 (f) Recorded the appropriate share of Ramon Company’s net income of $50,000. The stock was acquired in (b).
Puckett Co. has office furniture that cost $75,000 and that has been depreciated $50,000. Record the disposal under the following assumptions. a) It was scrapped as having no value b) It was sold for $21,000 c) It was sold for $23,000
The Complete Accounting Cycle The post-closing trial balance of Joan Robin Editing as of December 31, 2009 is shown below. JOAN ROBIN EDITING Trial Balance December 31, 2009 Account Title Debit Credit Cash $ 1,850 Accounts Receivable 980 Prepaid Rent 480 Office Supplies Inventory 520 Office Equipment 10,700 Accumulated Depreciation – Office Equipment $ 3,200 Accounts Payable 240 Salaries Payable 250 J. Robin, Capital ______ 10,840 Totals $14,530 $14,530 Transactions completed during 2010 are shown here. 1. Editing fees were $25, 100 in cash and $5,350 on account for the year. 2. Collections on accounts receivable were $5,650 for the year. 3. Prepaid rent in the amount of $4,180. 4. Office supplies were purchased amounting to $100 in cash and $125 on account. 5. Salaries amounted to $9,230 for the year, $250 of which was accrued from 2009. 6. Utilities expense of $2,290 was paid in cash. 7. Advertising of $1,025 was purchased on credit. 8. Accounts payable of $260 were paid. 9. Joan Robin withdrew $6,200. The following information should be used for making adjusting entries. (a) Depreciation on the office equipment is $780. (b) $2,610 of prepaid rent has expired by December 31. (c) Office supplies of $470 were used during the year. (d) Salaries earned but not paid were $345 on December 31. Required: A. Open T accounts for each of the accounts listed below. Insert beginning balances from the post-closing trial balance. 100 Cash 200 Accounts Payable 101 Accounts Receivable 201 Salaries Payable 102 Prepaid Rent 300 J. Robin, Capital 103 Office Supplies Inventory 301 J. Robin, Drawing 104 Office Equipment 350 Income Summary 105 Accumulated Depreciation-Office Equipment 400 Editing Fees 500 Salaries Expense 503 Depreciation Expense 501 Utilities Expense 504 Rent Expense 502 Advertising Expense 505 Office Supplies Expense B. Prepare journal entries to record the transactions completed in 2010. C. Post the entries to the T accounts. D. Prepare a 10-column worksheet. E. Prepare an income statement, a statement of changes in owner’s equity, and an unclassified balance sheet. F. Journalize and post the adjusting entries. G. Journalize and post the closing entries. H. Prepare a post-closing trial balance
Phantasy, Inc. is a research and development company that primarily develops and patents products. Phantasy, Inc. then licenses other companies to produce and sell the products. In return, Phantasy, Inc. receives royalties from these companies. In 2009, Phantasy, Inc. developed and patented a product and then licensed Thurber Company to produce and sell it. Thurber Company will pay royalties to Phantasy, Inc. based upon the amount of sales. Phantasy, Inc. and Sumi, Inc., another independent company, have agreed to the following: Sumi, Inc. will pay Phantasy, Inc. $5,000,000 in 2009. This payment is non-refundable. In return, Phantasy, Inc. will give Sumi, Inc. 17% of the royalties Phantasy, Inc. receives during the years 2010-2015 from Thurber Company for the above product. In the case that the total amount paid by Phantasy, Inc. to Sumi, Inc. exceeds $7,500,000, the percentage of royalties paid by Phantasy, Inc. will drop from 17% to 5% on future royalties. Phantasy, Inc. does not guarantee any payments to Sumi, Inc. Sumi, Inc. estimates its expected rate of return to be approximately 35%. Phantasy, Inc. will assume all responsibility and costs of protecting the patent against patent infringement and against all law suits asserting patent infringement. Phantasy, Inc. expects these costs to be minimal. This is a case of the “sale of future revenues” and there are three possible ways for Phantasy to account for the $5,000,000 in 2009: 1. Full and immediate recognition as revenue in 2009. 2. Accounted for as “unearned revenue.” 3. Accounted for as debt. REQUIRED: 1. State whether the $5,000,000 should be recognized as revenue in 2009. Explain your answer. 2. Assuming that immediate recognition is NOT appropriate, find, quote and cite the criteria used to determine whether it should be recognized as unearned revenue or debt. 3. Based upon the criteria, should the $5,000,000 be recognized as unearned revenue or debt? Explain your answer.
E9-9 Twyla Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices. Management is considering updating its computer with a faster model that would eliminate all of the overtime processing.Current Machine New MachineOriginal purchase cost $15,000 $25,000Accumulated depreciation $6,000 -Estimated operating costs $24,000 $18,000Useful life 5 years 5 yearsIf sold now, the current machine would have a salvage value of $5,000. If operated for the remainder of its useful life, the current machine would have zero salvage value. The new machine is expected to have zero salvage after five years.Instructions Should the current machine be replaced?
HTGT Inc. has a defined contribution pension plan for its employees. Under this type of plan which best describes the contingent liability associated with the plan? A) HTGT has a contingent liability until the employee retires. B) HTGT has a contingent liability until the employee dies. C) HTGT has no contingent liability. D) The employee has a contingent liability
Sonny’s Liquors, Inc. had the following cash flows during March:Paid for inventory $ 20,000 Paid wages to employees 40,000 Received from cash sales 100,000 Paid for equipment 60,000 Received a loan 70,000 What was the cash flow from financing activities?
On February 2, 2006, MBH Inc. acquired 30% of the voting common stock of Construction Corporation as a long term investment. Data from Construction Corporation’s financial statements for the year ended December 31, 2006, included the following: Net income $150,000 Dividends paid 75,000 Prepare any necessary journal entries for MBH at December 31, 2006, under the equity method of accounting for investments.
All of the following are items that would most likely be paid from a petty cash fund except: A. freight-out. B. postage due. C. taxi fares. D. administrative wages Thank you!
(11) The accounting records of Oats Electronics show the following data. Beginning inventory 3,250 units at $6 Purchases 8,210 units at $8 Sales 9,270 units at $11 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method. (Round unit cost to nearest tenth of a cent, e.g. 2.545, use this rounded amount for future calculations. Round final answer to the nearest dollar, e.g. 25,500.) FIFO $ _________________? LIFO $ _________________? Average-cost $ _________________? Thank you for your help!
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