The following is from Goldman Inc.'s 2015 income statement.

Purchases $182,000
Transportation-In 11,000
Inventory, January 1, 2015 26,500
Inventory, December 31, 2015 28,800
Purchase Returns and Allowances 8,400

How much will Goldman report as its cost of goods sold in its 2015 income statement?
a. $182,300
b. $179,900
c. $190,700
d. $186,900

2.

Eversoll Inc. uses the periodic inventory system.

June 1 On the hand, 50 units @ $15.00 each $750.00
5 Purchased 115 units @ $15.10 each 1,736.50
14 Purchased 75 units @ $15.20 each 1,140.00
The total cost of goods available for sale is $3,626.50
30 On the hand, 90 units

If the June 30th inventory included 45 units from the June 5th purchase and 45 units from the June 14th purchase, Eversoll's cost of goods sold for June under the specific identification method would be:
a. $2.373.00
b. $2,945.00
c. $2,263.00
d. $3,626.50

3.

Eversoll Inc. uses the periodic inventory system.

June 1 On hand, 50 units @ $15.00 each $750.00
5 Purchased 115 units @ $15.10 each 1,736.50
14 Purchased 75 units @ $15.20 each 1,140.00
Total cost of goods available for sale $3,626.50
30 On hand, 90 units

How many units did Eversoll, Inc. sell during June?
a. 90
b. 50
c. 100
d. 150

4.If a credit memo appears on bank reconciliation, this could be an indication that:
a. there has been a bank service charge.
b. there has been a decrease the company's bank account.
c. there has been a note receivable for the company that was collected by the bank.
d. there has been a deposit of a customer's NSF check.

5. Which one of the following documents is used in the control of cash disbursements?
a. Bank deposit slips
b. Cash register tapes
c. Receiving reports
d. Income Statement

Answer rating: 100% (QA)

1 b 179900 2 a 237300 3 d 150 4 d there has been a deposit of a customers NSF check 5 a Bank deposit ... View the full answer