The following lots of a particular commodity were available for sale during the year Beginning inventory...
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The following lots of a particular commodity were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 5 units at $61 15 units at $63 10 units at $74 10 units at $77 The firm uses the periodic system and there are 20 unita of the commodity on hand at the end of the year. 50. What is the amount of cost of good sold for the year according to the average cost method? a. $1,380 b. $1,375 e. $1,510 d. $1.250 51. What is the amount of cost of goods sold the year according to the FIFO method? a. $1,380 b. $1,375 e. $1,510 d. $1.250 4 52. In a period of rising prices which approach will result in the highest gross profit? a. lifo b. fifo e. average cost d. lower of cost or market 53. What is the type of account and normal balance of Allowance for Doubtful Accounts? Contra asset, eredit b. Asset, debit e. Asset, credit d. Contra asset, debit a. 54.An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $4,000. If Allowance for Doubtful Accounts has a $1,200 debit balance, the adjustment to record the bad debt expense for the period will require a a. debit to Bad Debt Expense for $5,200. b. debit to Bad Debt Expense for $4,000. c. debit to Bad Debt expense for $2,800 d. credit to Allowance for Doubtful Accounts for $5,000. The following lots of a particular commodity were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 5 units at $61 15 units at $63 10 units at $74 10 units at $77 The firm uses the periodic system and there are 20 unita of the commodity on hand at the end of the year. 50. What is the amount of cost of good sold for the year according to the average cost method? a. $1,380 b. $1,375 e. $1,510 d. $1.250 51. What is the amount of cost of goods sold the year according to the FIFO method? a. $1,380 b. $1,375 e. $1,510 d. $1.250 4 52. In a period of rising prices which approach will result in the highest gross profit? a. lifo b. fifo e. average cost d. lower of cost or market 53. What is the type of account and normal balance of Allowance for Doubtful Accounts? Contra asset, eredit b. Asset, debit e. Asset, credit d. Contra asset, debit a. 54.An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $4,000. If Allowance for Doubtful Accounts has a $1,200 debit balance, the adjustment to record the bad debt expense for the period will require a a. debit to Bad Debt Expense for $5,200. b. debit to Bad Debt Expense for $4,000. c. debit to Bad Debt expense for $2,800 d. credit to Allowance for Doubtful Accounts for $5,000.
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50 Average cost of the goods 5611563107410774027604069201380 A... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
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