Name: Nguyễn Phương Minh vnu student id: 21051658



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Fall 2022 - Midterm USF - 4
A. Accounts Receivable
B. Service Revenue
C. Owner's Equity
D. Accounts Payable


Use the following information for questions 13 - 16:
A company purchased merchandise to be resold at increasing costs during the year 2021. The purchases were made at the following costs...


The company sold 10 items at the end of each month.

13. Assuming the LIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2021?


A. $1,380
B. $1,386
C. $1,400
D. $1,460

14. Assuming the FIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2021?


A. $1,380
B. $1,386
C. $1,410
D. $1,460

15. Assuming the periodic weighted-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2021?


A. $1,386
B. $1,410
C. $1,416
D. $1,460

16. A company's inventory was destroyed in a fire on January 28, 2022. The company's December 31, 2021 inventory had a cost of $40,000. The company's gross profit has consistently been 30% of sales. During January the company purchased merchandise costing $36,000 and sales of $50,000 at regular selling prices. What is the estimated cost of the inventory that was destroyed on January 28, 2022?


A. $26,000
B. $35,000
C. $41,000
D. $48,000


3. Questions
John Parker is a market trader, the firm’s assets and liabilities on 1 August 2020 were as follows:

Account

Amount ($)

Cash

10,000

Inventory

2,000

Trade Receivables

1,000

Van

3,000

Fixture and fittings

2,200

Trade Payables

2,500

Loan

5,000

The following list of transactions in that month:


2 Paid $9000 of this opening cash into a business bank account
4 Bought goods for resale on time, $800 from S. Holmes
5 Bought a motor van by cheque, $5000
7 Bought goods for resale, paying cash $500
10 Sold goods $200 to D. Moore for $1000 on time
11 A John took goods from inventory for his own use, cost $300
12 Received loan from D. Watson, $1000 cheque, repayable in 5 years
19 Sold goods for cash, $1200
22 Bought fixture and fittings on time from Kingston Equip Co, $1500
30 Paid Wages, $300 to employee, by bank transfer



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