1.Assuming a perpetual inventory system is used, use the following information to calculate cost of goods sold on an average-cost basis. (7 points)

Dec.	1		Beginning inventory	50 units @ $22
	9		Purchases	50 units @ $24
	17		Sales	25 units
	22		Purchases	75 units @ $27
	27		Sales	40 units

2.On July 1, 20x5, Claudio Corp. issued bonds with a face value of $800,000. The bonds carry a face interest rate of 8 percent that is payable each July 1 and January 1

a. Prepare the entry in journal form without explanation for the issuance of the bonds assuming the bonds are issued at 98.

b. Prepare the entry in journal form without explanation for the issuance of the bonds assuming the bonds are issued at 101.

General Journal						Page 1
Date		Description		Post. Ref.	Debit	Credit

3.On January 1, 20x5, Becky Bishop Fashion Company issued ten-year, 8 percent bonds with a face value of $500,000. The semiannual interest dates are June 30 and December 31. The bonds were issued for $437,740 to yield an effective annual rate of 10 percent. The accounting year ends on December 31. Prepare entries in journal form without explanations to record the bond issue on January 1, 20x5, and the payments of interest and amortization of discount on June 30 and December 31, 20x5. Use the effective interest method of amortization. Round answers to the nearest dollar.

General Journal						Page 1
Date		Description		Post. Ref.	Debit	Credit
						Answer rating: 100% (QA) 1 December 17 average cost 5022 5024 100 23 cost of goods sold 2523 575 remaing 23100 575 1725 decem... View the full answer Related Book For   Introduction to Finance Markets Investments and Financial Management ISBN: 978-1118492673 15th edition Authors: Melicher Ronald, Norton Edgar See More Books Posted Date: Aug 02, 2018 01:42 AM See More Questions Students also viewed these accounting questions Use the following information to calculate the fixed asset turnover ratio for Alonsa Ltd. for the years ended December 31, 2017 and 2018. Interpret your results: Property, plant, and equipment on... Assuming a perpetual inventory system is used, use the following information to calculate cost of goods sold on an average-cost basis. Dec. 1 Beginning inventory 50 units @ $22 9 Purchases 50 units @... For each situation given, calculate cost of goods sold and identify if the information provided reflects a perpetual or periodic inventory system. a. b. 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