1.) Given the following information calculate the amount of cash finallly remitted by the customer on Feb 21
2.) Vaughn Company, which uses a periodic inventoy system, had a beginning inventory on May 1, of 300 units of product A at a cost of $6.25 per unit. During May the following purchases were made: May 6- 300 units at $7.20, May 14- 400 units at $9.10, May 21- 100 units at $11.50, May 28- 500 units at 11.80. The sales were May 4- 275 units, May 8- 300 units, May 22- 400 units, and May 24- 225 units. Now puchases combined for 1,300 and sales combined for 1,200. So what are the ending inventories for May 31 and May cost of goods under the FIFO rule.
3.) If the beginning inventory is $60,000, cost of goods is purchased by 380,000 and the ending inventory is 50,000, then the cost of goods sold is ?
4. Marcus Webb Company found the following erroe were made in Janaury 2012. Correct the errors by reversing the incorrect entry and preparing the correct journal entry
- A payment of Salaries and Wages Expense of $700 was debited to equipment and credited to cash for both for $700
- A collection of $1,000 from a client on account was debited to cash $1000 and credited to Service Revenue for $100
- The purchase of Equipment on account for $760 was debited to equipment $670 and credited to accounts payable for $67