You use the Periodic inventory system and the LIFO cost flow assumption in accou

Question

You use the Periodic inventory system and the LIFO cost flow assumption in accounting for inventory and cost of goods sold. The following data are for the current year: The ending inventory using the LIFO method is: a. $ 240 b. $ 400 c. $ 500 d. $ 1,700 19. We operate a retail store. Bill orders inventory, receives the inventory when it is delivered, records the purchase in the journal and then records payment of the amount due on the inventory which principal of internal control does this violate? a. Segreagation or separation of duties b. Responsibility c. Physical or data Processing d. Documentation. 20. black company gathered the following reconciling information in preparing its December bank reconciliation: The amount of cash that should be reported on the April 30 balance sheet is: a. $6,200 b. $7,200 c. $7,300 d. $7,400

Explanation / Answer

18 LIFO Inventory 100*4 400 20*5 100 500 The correct option is C. $ 500 20 The cash should be Balance 7400 Add:adjustment 100 (600-500 Less: bank Charge -10 NSF check returned -290 Outstanding Checks 200 7400 The correct option is d. $ 7400

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