Remember to show your work if an answer requires a mathematical solution. Answer each of the following questions. Each answer is worth 4 points. EXAMINATION NUMBER: 06158300

9. Olympic Enterprises has the following inventory data:

Date Quantity Unit cost June 1 Beginning inventory 5 $52 June 4 Purchase 10 $55 June 7 Sale 12 June 11 Purchase 9 $58 June 14 Sale 8

Assuming average cost, what is the cost of goods sold for the June 14 sale? 10. A company has $4,500 in net sales, $3,200 in gross profit, $1,300 in ending inventory, and $1,800 in beginning inventory. What is the companys cost of goods sold? 11. Goods available for sale are $40,000; beginning inventory is $16,000; ending inventory is $20,000; and the cost of goods sold is $50,000. What is the inventory turnover? 12. Which element of internal control deals with establishing procedures for things such as handling of incoming checks, and which element deals with the oversight of the internal control systems? 13. What is an audit opinion?