Reference no: EM132755658
Questions -
Q1- Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 125 $10
5/5 Purchase 250 $12
5/15 Purchase 210 $14
5/25 Purchase 225 $16
Sales were 550 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
Q2- Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 100 $10
5/5 Purchase 170 $12
5/15 Purchase 260 $14
5/25 Purchase 310 $16
Sales were 420 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
Q3- Dorchester Company had the following balances at the end of 2018 and 2019 respectively:
Net Credit Sales - $865,000 for 2018 and $952,000 for 2019.
Accounts Receivable - $80,000 for 2018 and $115,000 for 2019.
Allowance for Doubtful Accounts - $5,000 for 2018 and 6,500 for 2019
Calculate the accounts receivable turnover ratio to one decimal place.
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