1) Lauer Corporation has provided the following information about one of its laptop computers Date...
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1) Lauer Corporation has provided the following information about one of its laptop computers Date Transaction 1/1 Beginning Inventory 5/5 Purchase 8/10 Purchase 10/15 Purchase Number of Units 100 200 300 200 Cost per Unit 5 800 900 S 1000 $ 1.100 During the year, Lauer sold 750 laptop computers. What was ending inventory using the FIFO cost flow assumption? A) $60,000 B) $45,000 C) $55,000 D) $40,000 5) Superior Company has provided you with the following information before any year-end adjustments: Net credit sales are $120,000. Historical percentage of credit losses is 2% Allowance for doubtful accounts has a credit balance of $300. Accounts receivables ending balance is $47,000. What is the estimated bad debt expense using the percentage of credit sales method? A) $2,400. B) $940. C) $2,100. D) $2,700. 6) Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was record at the time of collection? A) Accounts receivable will decrease $9,800. B) Net sales will increase $9,800. C) Gross profit will decrease $200. D) Current assets will remain the same
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