If Collier Costumes, Inc. has the following items at year-end, how much should it report as cash on the balance sheet? Cash in bank $42,600 Cash on hand $580 Post-dated checks $1,420 Certificates of deposit $90,000 $42,600 $43,180 $44,600 $133,180 On June 1, 2014, Vision Corporation consigned 100 TVs, costing $1,000 each, to Future Electronics. The cost of shipping the TVs amounted to $2,500 and was paid by Vision Corporation. On December 31, Future Electronics emailed a report to Vision, indicating that 72 of the TVs had been sold for $1,800 each. Future also included remittance for the amount due, after deducting a commission of 5%, advertising of $500, and installation costs of $1,440. What amount should Vision Corporation include on its December 31, 2014 balance for the consigned TVs? 0 28,000 28,700 30,643 The following is a record of Meyer Corporation's inventory transactions for the current month: October 1 Balance, 500 units @ $24 each October 9 Sale, 500 units @ $51 October 12 Purchase 900 units @ $26 each October 19 Sale, 800 units @ $51 October 25 Purchase 600 units @ $27 each Meyer uses the periodic inventory system. Using the LIFO method, what is the amount of ending inventory on October 31? $18,900 $16,800 $34,600 $17,200
This question was answered on: May 23, 2022
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