ButovaS_Exam_6-9

ButovaS_Exam_6-9 - Name Svetlana Butova This is the packet...

This preview shows pages 1–3. Sign up to view the full content.

Name Svetlana Butova This is the packet for Form A. Using the information from the exam packet. Show your computations. 9 Points 1. Assume that the company uses the Fifo method. The value of the of the ending inventory on December 31 is \$__ 2,750 50 x \$7 = \$350 300 x \$8 = \$2,400 \$2,400 + \$350 =\$2,750 2. Assume that the company uses the Average Cost Method method. The value of the of the ending inventory on December 31 is 2,170 \$6,200 / 1,000 = \$6.20 \$6.20 x 350 = \$2,170 3. Assume that the company uses the LIFO method. The value of the of the ending inventory on December 31 is \$__ 1,650 100 x \$4 = \$400 250 x \$5 = \$1,250 \$1,250 + \$400 = \$1,650

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
488 Problem 2 12 points (a) Bank Reconciliation September 30, Cash balanse per bank statement \$7,000 Add: Deposit in transit 5,200 12,200 Less: Outstanding checks 6,000 Adjusted balance per bank \$6,200 Cash dalanse per books \$5,459 Add: Collection on customer's note \$1,200, pluss interest earned \$60 \$1,260 Error in recording check #138 81 1,341 6,800
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/11/2011 for the course BUSINESS 101 taught by Professor Corolinsky during the Spring '11 term at SUNY Albany.

Page1 / 5

ButovaS_Exam_6-9 - Name Svetlana Butova This is the packet...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online