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Author Question: The inventory data for an item for November are: Nov. 1 Inventory 20 units at 19 4 Sold 10 units 10 ... (Read 221 times)

littleanan

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on: Jul 5, 2018
The inventory data for an item for November are: Nov. 1 Inventory 20 units at 19 4 Sold 10 units 10 Purchased 30 units at 20 17 Sold 20 units 30 Purchased 10 units at 21 Using a perpetual system, what is the cost of the merchandise sold for November if the company uses FIFO?
 a. 610
  b. 600
  c. 590
  d. 580

Question 2

Z Company obtained the following balances from its computerized accounting information system at the end of the year before adjustments:
 
  Accounts receivable  50,000
  Allowance for uncollectible accounts (1,000)
  Net sales 200,000
  Bad debts expense 0
 
  The company estimates that 2 of net sales will be uncollectible. After the correct adjusting entry has been made, bad debts expense for the year will be:
  A) 4,000.
  B) 1,000.
  C) 3,000.
  D) 5,000.


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trampas

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Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

A


littleanan

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Reply 2 on: Jul 5, 2018
:D TYSM

scottmt

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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