If you could answer all 4 that would be greatly appreciated, thanks

1.

A company had the following purchases during its first year of operations:

	Purchases
January:	26 units at $113
February:	36 units at $124
May:	31 units at $136
September:	28 units at $144
November:	26 units at $154

On December 31, there were 48 units remaining in ending inventory. These 48 units consisted of 8 from January, 9 from February, 13 from May, 7 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory?

• $5,338.

• $6,490.

• $6,644.

• $5,374.

• $6,336.

2.

On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method. At the beginning of August, the company reported beginning inventory of $215,900. Inventory purchased during August was $192,710. Sales for the month of August were $543,400. Assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood.

• $134,790

• $82,570

• $191,250

• $81,570

• $87,570

3.

The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense.

Accounts receivable	$	439,000	Debit
Allowance for Doubtful Accounts		1,290	Debit
Net Sales		2,140,000	Credit

All sales are made on credit. Based on past experience, the company estimates 2.0% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

• Debit Bad Debts Expense $44,090; credit Allowance for Doubtful Accounts $44,090.

• Debit Bad Debts Expense $41,510; credit Allowance for Doubtful Accounts $41,510.

• Debit Bad Debts Expense $8,780; credit Allowance for Doubtful Accounts $8,780.

• Debit Bad Debts Expense $10,070; credit Allowance for Doubtful Accounts $10,070.

• Debit Bad Debts Expense $42,800; credit Allowance for Doubtful Accounts $42,800.

4.

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,088. The FICA tax for social security is 6.2% of the first $118,500 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,507.97. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)

• $6,884.79

• $5,058.03

• $6,566.00

• $6,450.79

• $7,448.25