70.2K

Verified Solution

Link Copied!

Screeching Meadows sells Halloween Costumes for small children. Evaluate the inventory using the lower of cost or market method. $$678$

$\backslash$table$[[$Item$,$Quantity,Cost Per Unit,Market Value,LCM$],[$Cowboy Boots,$40,$$$5,$$$3,120],[$Vinyl Masks,$12,(4),9,98],[$Wigs$,34,7,6,204],[$Clown Suits,$18,15,25,270],[$Laser Swords,$12,3,4,36]]$

On April $4,$ Bright Company received their bank statement from First Bank. Included on the bank statement was a memo for the bank service charge of $$25\mathrm{.}00$ Prepare the General Journal entry for Bright Company that is appropriate for the service charge.

$\backslash$table$[[$Date$,$Description,PR$,$Debit,Credit$],[,$Acct Parabe Cervic Crurbe Eap,,$25,],[,,,,25],[,,,,],[,$Ser,,,$]]$

Management of publicly traded corporations have increased responsibility for insuring internal controls are met and financial reporting is reliable. These important measures are a product of a federal act passed in $2002$ in response to a series of accounting scandals. This act is known as: $q,$

Tinker and Co$.$ is an upscale shoe store in Downtown Beebe Arkansas. On a recent day, Tinker and Co$.$ obtained the following data from its cash register: Cash sales per register tape: $$13,436,$ Cash in register after removing opening change: $$13,432.$ Prepare the journal entry to record the sales.

$\backslash$table$[[$Date$,$Description,PR$,$Debit,Credit$],[,$Cash,,$13,436,],[,$Cash,,,$13,432],[,$Cash under,,,$4],[,,,,]]$

When ending inventory is made up of the oldest purchases, the accounting team knows the company uses the inventory method.

a$.$ LIFO

b$.$ FIFO

c$.$ Specific ID

d$.$ Lower of Cost and Market

Answer & Explanation Solved by verified expert

See Answer