Exam_3review[1] - Washington Jefferson College Review Sheet...

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J u l y 1 p u r c h a s e d 3 8 0 u n i t s a t $ 1 5 e a c h J u l y 5 p u r c h a s e d 2 7 0 u n i t s a t $ 2 0 e a c h J u l y 9 s o l d 5 0 0 u n i t s a t $ 5 5 e a c h J u l y 1 4 p u r c h a s e d 3 0 0 u n i t s a t $ 2 4 e a c h J u l y 2 0 s o l d 2 5 0 u n i t s a t $ 5 5 e a c h J u l y 3 0 p u r c h a s e d 2 5 0 u n i t s a t $ 3 0 e a c h Washington & Jefferson College Review Sheet – Group Project Name: _____________ 1. A company made the following merchandise purchases and sales during the month of July: There was no beginning inventory. Required: A. If the company uses the first-in, first-out method and the perpetual system, what would be the cost of the ending inventory? B. If the company uses the last-in, first-out perpetual inventory system, what would be the cost of the ending inventory? C. If the company uses the average cost method periodic inventory system, what would be the cost of the ending inventory? 2. The following information is available for the Avisa Company for the month of November: a. On November 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $27,202. b. The company's bank statement shows a balance on November 30 of $29,279. c. Outstanding checks at November 30 include check #3030 in the amount of $1,525 and check #3556 in the amount of $1,459. d. A credit memo included with the bank statement indicates that the bank collected $780 on a noninterest-bearing note receivable for Avisa. The bank deducted a $10 collection fee, and credited the remainder of $770 to Avisa's account.
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