Question

At the end of the day, the cash register's record shows $1,278, but the count of cash in the cash register is $1,259. The correct entry to record the cash sales is

Multiple Choice

• Debit Cash $1,259; Credit Sales $1,259.

• Debit Cash $1,259; debit Cash Over and Short $19; credit Sales $1,278.

• Debit Cash $1,278; credit Cash Over and Short $1,259; credit Sales $19.

• Debit Cash Over and Short $19, credit Sales $19.

• Debit Cash $1,278; credit Sales $1,278.

The following information is available for Fenton Manufacturing Company at June 30:

Cash in bank account	$	6,955
Inventory of postage stamps	$	79
Money market fund balance	$	12,900
Petty cash balance	$	400
NSF checks from customers returned by bank	$	917
Postdated checks received from customers	$	516
Money orders	$	757
A nine-month certificate of deposit maturing on December 31 of current year	$	8,500

Based on this information, Fenton Manufacturing Company should report Cash and Cash Equivalents on June 30 of:

Multiple Choice

• $20,255

• $16,612

• $21,172

• $21,012

• $21,251

Jammer Company uses a weighted average perpetual inventory system and reports the following:

August 2	Purchase	24 units at $18.50 per unit.
August 18	Purchase	26 units at $20.00 per unit.
August 29	Sale	48 units.
August 31	Purchase	29 units at $21.50 per unit.

What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)

Multiple Choice

• $22.64

• $19.28

• $21.36

• $21.50

• $18.50

Giorgio had cost of goods sold of $9,493 million, ending inventory of $2,161 million, and average inventory of $2,037 million. Its inventory turnover equals:

Multiple Choice

• 4.43.

• 0.23.

• 4.66.

• 83.1 days.

• 78.3 days.

Beckenworth had cost of goods sold of $11,421 million, ending inventory of $4,089 million, and average inventory of $2,165 million. Its days' sales in inventory equals: (Use 365 days a year.)

Multiple Choice

• 130.7 days.

• 0.3.

• 61.5.

• 61.2.

• 69.2 days.

Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows:

		Year 1			Year 2
Beginning inventory	$	129,000		$	131,800
Cost of goods purchased		251,800			284,000
Cost of goods available for sale		380,800			415,800
Ending inventory		131,800			136,800
Cost of goods sold	$	249,000		$	279,000

Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $16,800 and 2) ending inventory at the end of Year 2 was overstated by $7,800. Given this information, the correct cost of goods sold figure for Year 2 would be:

Multiple Choice

• $303,600

• $286,800

• $258,000

• $295,800

• $271,200

Answer 1