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Questions A business has the following ending merchandise inventory data at the end of January: #...

Questions

  1. A business has the following ending merchandise inventory data at the end of January:

# Units              Unit Cost           Unit Market Value

Gloves               10                     $10                   $11       

Hats                  20                     $8                     $9

Boots                5                      $28                   $20

Determine the total lower of cost or market value for inventory applied by item.

  1. A business has the following data as of January 31:

$15,850Cash balance per bank statement

$17,500Cash balance per company ledger

$1,650   Outstanding checks

$4,100   Deposits in transit

$50       Bank service charges for the month of January

$796     Cash collected by the bank acting as a collection agent of the company

Also, a $5 check paid to a vendor was erroneously recorded in the company books as $59.

  1. Determine the adjusted cash ledger balance.

  1. Determine the adjusted bank statement balance.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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