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Help to answer these questions for my Intro to Accounting class

1 The inventory data for an item for November are: Nov. I Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 17 Sold 20 units 30 Purchased 10 units at $21 Using a perpetual system, what is the cost of the merchandise sold for November if the company we FIFO? a $610 b. $600 C. $590 d. $580 The following lots of a particular commodity were available for sale during the year: Beginning overtas 10 units at $30 First purchase 25 units at 32 Second purchase 30 units at $34 Third purchase 10 units $35 at 2 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the is the amount of inventory at the end of the year according to the LIFO method? 2 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the is the amount of inventory at the end of the year according to the LIFO method? a $555 b $620 C $690 d. $659 The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase Suits at $61 15 units at $63 10 units at $74 1077 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year 1 What is the amount of cost of good sold for the year according to the average cost method? a SI 380 bS1375 C S1.510 d. $1.250 What is the amount of cost of goods sold for the year according to the FIFO method? a SI 380 b 1.375 CSI 510 d. SI 250 What is the amount of cost of goods sold for the year according to the LIFO method a $1.380 S1.375 c. $1.510 S1.250 b d Merchandise inventory is classified on the balance sheet as a a. Current Liability b. Current Asset C. Long Term Asset d. Love to hili The primary difference between a periodic and perpetual inventory system is that a a periodic system determines the inventory and only at the ender the accounting penod b. periodic system keeps a record showing the inventory on hand at all times c. periodic system provides an easy means to determine inventory shrinkage d. periodic system records the cost of the sale on the date the sale is made ight costs of delivering merchandise, the delivery terms are stated as FOB shipping point b. FOB destination C. FOB 30 d. FOB seller ight costs of delivering merchandise, the delivery terms are stated as a. FOB shipping point b FOB destination c. FOBn/30 FOB seller b c Which of the following is not an element of internal controls? a. to protect assets from misuse cnsure the accuracy of business information ensure that laws and regulations are followed d. ensure that company policies are in place to maximize profits 10 The subsidiary ledger that includes customer account activity is called the a. asset ledger b. accounts payable ledger c. expense ledger d. accounts receivable ledger 11 At the end of the month, the total of the amount column of the revenue journal is posted as a a. debit to Accounts Receivable and a credit to Cash b. dcbit to Accounts Receivable and a credit to Fees Earned c. debit to Cash and a credit to Fees Earned d. debit to Cash and a credit to Accounts Payable A purchase of supplies for cash is recorded in the a. Revenue journal b. Purchases journal Cash Receiptsioth d. Cash Payments journal 12

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