Question: 1 . The inventory method that assigns the most recent costs to cost of merchandise sold is a.weighted average b.last-in, first-out c.specific identification d.first-in, first-out

1. The inventory method that assigns the most recent costs to cost of merchandise sold is

a.weighted average
b.last-in, first-out
c.specific identification
d.first-in, first-out

2. The inventory data for an item for November are:

Nov. 1 Inventory 20 units at $19
4 Sale 10 units
10 Purchase 30 units at $20
17 Sale 20 units
30 Purchase 10 units at $21

Using a perpetual system, what is the cost of merchandise sold for November if the company uses FIFO?

a.$600
b.$580
c.$610
d.$590

3. Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30.

1. The inventory method that assigns the most recent costs to cost

a.$5,130
b.$3,040
c.$3,690
d.$1,590

4. Thompson Company gathered the following reconciling information in preparing its October bank reconciliation:

of merchandise sold is a.weighted average b.last-in, first-out c.specific identification d.first-in, first-out

Using the above information, determine the cash balance per books (before adjustments) for Thompson Company.

a.$19,450
b.$15,950
c.$11,050
d.$11,150

$2,750 200 630 Cash balance per books, September 30 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check 50 1,250 290 $17,000 4,800 6,500 Cash balance per bank, October 31 Note receivable collected by bank Outstanding checks Deposits in transit Bank service charge NSF check 3,000 50 2,300

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