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Unformatted text preview: July 1 purchased 380 units at $15 each July 5 purchased 270 units at $20 each July 9 sold 500 units at $55 each July 14 purchased 300 units at $24 each July 20 sold 250 units at $55 each July 30 purchased 250 units at $30 each 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. e. A debit memo included with the bank statement shows a $67 NSF check from a customer, J. Brown. f. A deposit placed in the bank's night depository on November 30 totaled $1,675, and did not appear on the bank statement....
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This note was uploaded on 11/29/2010 for the course ACC 331 taught by Professor Dr.lee during the Fall '10 term at Jefferson College.
- Fall '10