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Partridge Haskins Engler Crawford

Price: $4.99


Question 1: Partridge Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:
Date                                        Purchases                                Sales
Jan.     14                                                                             375 @ $28
17                                250 @ $20
25                                250 @ $22
29                                                                             260 @ $32
Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31. Calculate the cost of the inventory at January 31, under the FIFO method.

Question 2: Partridge Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:
Date                                        Purchases                                Sales
Jan.    14                                                                              375 @ $28
17                                250 @ $20
25                                250 @ $22
29                                                                             260 @ $32
Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31. Calculate the cost of the inventory at January 31, under the LIFO method.

Question 3: In preparing its bank reconciliation for the month of April 2012, Haskins, Inc. has available the following information.
Balance per bank statement, 4/30/12                               $27,280
NSF check returned with 4/30/12 bank statement                  900
Deposits in transit, 4/30/12                                                 7,000
Outstanding checks, 4/30/12                                              10,400
Bank service charges for April                                                  40
What should be the adjusted cash balance at April 30, 2012?

Question 4: Engler Company purchases a new delivery truck for $60,000. The sales taxes are $4,000. The logo of the company is painted on the side of the truck for $1,600. The truck license is $160. The truck undergoes safety testing for $290. What does Engler record as the cost of the new truck?


Question 5: Crawford Company has total proceeds (before segregation of sales taxes) from sales of $4,770. If the sales tax is 6%, the amount to be credited to the account Sales Revenue is:

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