Reference no: EM132409078
Question
Please assist: Based on the information provided determine the cost of goods sold and ending inventory using LIFO, FIFO and Weighted Average
Background Information: Mickey and Friends started business on Jan. 1 with no inventory. They purchased two items during the year with the first item costing$2,500 and second item costing $4,000. During the year they only sold one item
FIFO LIFO Weighted Average
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Please assist: Complete the bank reconciliation bellow based on the following information NSF Checks returned were 5,200, outstanding checks were $25,821, Service charges were $31.13 Customer note collection was $53,101.11, Deposit in transit was $9,245.89 and interest earnings were $3,953
Ending balance per bank statement $ 144,223.99
Add:
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Deduct
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Correct Balance $144,233.99
Ending company balance per company records $ 75,826.38
Add:
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Deduct:
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Correct cash balance $75,826.38
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