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Which of the following reflects a weak internal control system? All employees are well supervised. A single employee is responsible for comparing a receiving report to an invoice. All employees must take their vacations. A single employee is responsible for collecting and recording cash. Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 5 $20 10 Sale 3 17 Purchase 10 24 Sale 6 20 23 Sale 3 30 Purchase 10 30 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. 5324 S372 $320 $364 Cash equivalents are illegal in some states will be converted to cash within two years will be converted to cash within 90 days will be converted to cash within 120 days Use the information below to answer the following questions. The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 10 units at $60 25 units at $65 30 units at $68 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the LIFO method? $1.685 $1,575 $1,805 $3,815 During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted its inventory as $350,000 instead of the correct amount of $280,000. The effect on the balance sheet and income statement would be assets overstated by S70,000; retained earnings understated by $70,000; and net income statement understated by $70,000 assets overstated by $70,000; retained earnings understated by $70,000; and no effect on the income statement assets, retained earnings, and net income all overstated by $70,000 assets and retained earnings overstated by $70,000 and net income understated by $70,000

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