Chapter 1 Problem 7-51 to 60 (Multiple Choice)
Problem 7-51 Answer B
List price 1,000,000
Trade discounts 20% x 1,000,000 ( 200,000)
800,000
10% x 800,000 ( 80,000)
Invoice price 720,000
Cash discount (5% x 720,000) ( 36,000)
Net amount 684,000
Freight charge 50,000
Total remittance 734,000
Problem 7-52 Answer A
Problem 7-53 Answer B
Purchases of IBM compatibles 1,700,000
Purchases of commercial software packages 1,200,000
Total 2,900,000
Less: Purchase return ( 50,000)
Net purchases 2,850,000
Discounts available on purchases (2% x 2,850,000) 57,000
Less: Purchase discount taken 17,000
Purchase discount lost 40,000
Problem 7-54 Answer D
Accounts payable per book 2,000,000
Goods lost in transit, FOB shipping point 100,000
Purchase return ( 50,000)
Adjusted balance 2,050,000
Problem 7-55 Answer D
Accounts payable per book 900,000
Undelivered checks 400,000
Unrecorded purchases on December 28 (150,000 x 98%) 147,000
Purchase on December 20 (200,000 x 95%) 190,000
1,637,000
Problem 7-56 Answer A
Net sales per book 5,000,000
Sales return ( 50,000)
Goods shipped on December 31, 2008 300,000
Goods shipped on January 3, 2009 recorded on December 30, 2008 ( 200,000)
Adjusted balance 5,050,000
105
Problem 7-57 Answer A
Gross sales 4,000,000
Estimated sales return (10% x 4,000,000) ( 400,000)
Net sales 3,600,000
Problem 7-58 Answer A
Units Unit cost Total cost
January 18 15,000 23 345,000
28 10,000 24 240,000
Total FIFO cost 25,000 585,000
Problem 7-59 Answer A
(4,500 x 73.50) 330,750
Problem 7-60 Answer A
Units Unit cost Total cost
January 10 2,000 100 200,000
February 8 3,000 110 330,000
5,000 530,000
Weighted average unit cost (530,000/5,000) 106
Cost of inventory (3,000 x 106) 318,000
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