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17 Quark Ino, just began bisiness and made the following four inventory parchases in June June June 10 une15 June 28 ISO units 200 units 200 units 150 units 5 825 1,120 1,140 885 $1.970 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is A) $1,105. B) $1,100 C) $1,170. D) $1,180 18. Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using A) LIFO will have the highest ending inventory B) FIFO will have the highest cost of goods sold. C) FIFO will have the highest ending inventory D) LIFO will have the lowest cost of goods sold. The control principle related to not having the same person authorize and pay for goods is known as A) establishment of responsibility B) independent internal verification C) separation of duties D) rotation of duties. 19. 20. Nilson Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 $21,000 900 5,100 120 12,000 1,020 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check The adjusted cash balance per books on August 31 is A) $24,960 B) $24,060. C) $13,800 D) $14,760, Page 5

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