28. Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 5 Purchases 14 Sale...

       

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28. Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 5 Purchases 14 Sale A) $5,544 B) $5,568 C) $4,812 D) $5,500 Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average cost method for July? 21 Purchases 30 Sale 29. Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 5 Purchases Sale A) $11,604 B) $11,592 C) $11,544 D) $11,832 2. b. 14 C. d. 21 30 Sale Purchases Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? 30. If beginning inventory is understated by $10,000, the effect of this error in the current period is Cost of Goods Sold Understated Overstated Understated Overstated 30 units at $60 180 units at $56 120 units 90 units at $58 84 units Version 3 Net Income Understated Overstated Overstated Understated Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense 30 units at $60 180 units at $56 120 units 90 units at $58 84 units Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue 31. The adjusted trial balance of McCoy Company included the following selected accounts: _Debit $ 50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 Credit $645,000 25,000 Instructions 1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. 2. Calculate the profit margin and gross profit rate. 28. Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 5 Purchases 14 Sale A) $5,544 B) $5,568 C) $4,812 D) $5,500 Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average cost method for July? 21 Purchases 30 Sale 29. Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 5 Purchases Sale A) $11,604 B) $11,592 C) $11,544 D) $11,832 2. b. 14 C. d. 21 30 Sale Purchases Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? 30. If beginning inventory is understated by $10,000, the effect of this error in the current period is Cost of Goods Sold Understated Overstated Understated Overstated 30 units at $60 180 units at $56 120 units 90 units at $58 84 units Version 3 Net Income Understated Overstated Overstated Understated Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense 30 units at $60 180 units at $56 120 units 90 units at $58 84 units Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue 31. The adjusted trial balance of McCoy Company included the following selected accounts: _Debit $ 50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 Credit $645,000 25,000 Instructions 1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. 2. Calculate the profit margin and gross profit rate.