1.) Inventory information for Missoula Merchandising Inc is provided below. Sales for the period were 2800 units for $8 each. The company uses a weighted average periodic inventory system.
Date # of units Unit Cost Total cost
Jan 1 Beginning Inventory 1,000 $2.20 $2,200
Jan Purchase 600 $3.50 $2,100
Feb Purchase 800 $4.00 $3,200
Mar Purchase 1,200 $4.25 $5,100
Determine the ending at march 31
2.) Which of the following is an indication of good corporate governance?
A.) A company has an information processing system that was designed by its external auditors.
B.) A company has a board of directors made up entirely of the company's top managers, who have the most comphrensive knowledge of the company's business.
C.) A company has a set of financial statements that is simple and easy to understand.
D.) A company has an audit committee that report directly to the company's CFO.
3.) Team Shirts Inc bought a computer system for $100,000 and received $10,000 for the sale of its used computers. It also received $10,000 from sale of its inventory. The amount of net cash from investing activities is
A.) $(80,000)
B.) $(90,000)
C.) $80,000
D.) $(100,000)