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Presentation/PPT
27/08/2022
1.Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 8.6. What was the company’s Days Outstanding in Inventory. Assume a 365 day year. Round to one decimal place.
2.
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
Date
Activity
Quantity
Unit Price
5/1
Beginning Inventory
110
$10
5/5
Purchase
150
$12
5/15
Purchase
330
$14
5/25
Purchase
350
$16
Sales were 450 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
3.Annapolis Company’s bank statement indicated an ending cash balance of $8,440. Alpha’s accountant discovered that outstanding checks amounted to $565 and deposits in transit were $760. Additionally, the bank statement showed service charges of $25. What is the correct adjusted ending cash balance
4.Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include a:
5.Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
> Alpha Company sold on account $2,500 of merchandise to Bravo Company on May 2, 2016. Selling price was $4,000. Freight charges related to this transaction of $150 were paid by Alpha Company.
> Bravo Company returned, to Alpha Company, $250 of this merchandise on May 3, 2016. Merchandise was sold for $400
Use this information to prepare Alpha Company’s General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write “No Entry Required.”
6.Alpha Company provided the following data concerning its income statement: sales, $910,000; purchases, $452,000; beginning inventory, $215,000; ending inventory, $287,000; operating expenses, $114,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $95,000; and purchases returns & allowances, $44,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?
7.Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return?
Question 3 options:
Debit Accounts Payable, and Credit Inventory.
Debit Accounts Payable, and Credit Purchases.
Debit Accounts Payable, and Credit Purchase Discounts.
Debit Accounts Payable, and Credit Purchase Returns and Allowances.
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