Which of the following would be subtracted from the balance per bank on a bank reconciliation?
a. outstanding checks
b. deposits in transit
c. notes collected by the bank
d. service charges
Question 2
On June 1, beginning inventory consists of ten items that cost 100 each. On June 8, ten more items are purchased at 120 each. On June 12, fifteen items are sold for 200 each. On June 28, ten items are purchased at 130 each.
Using perpetual FIFO, cost of goods sold for the month ended June 30 equals ________.
A) 1,500
B) 1,600
C) 1,800
D) 3,000
