Reference no: EM13969366
Assignment
Part 1- Southwest Hardware provides the following information relating to its June inventory activity. ahn uses a perpetual inventory system.
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Date
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Transaction
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Units
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Unit Cost
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Total Cost
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June 1
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Inventory
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1 3
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$8.00
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$104.00
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June 7
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Purchase
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22
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9.50
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209.00
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June 12
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Sale
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20
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_
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June 18
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Purchase
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10
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10.25
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102.50
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June 20
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Sale
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14
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June 26
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Purchase
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16
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11
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176
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June 30
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Sale
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15
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Required
a. Compute the ending inventory and cost of goods sold using the FIFO, LIFO, and moving average costing methods. Round dollar amounts to the nearest penny.
b. Calculate the sum of the ending inventory and cost of goods sold for each method.
Part 2- The following information is available for Unique Global Corp, as of end of this month:
a. Cash on the books as of month end amounted to $44,287.52. Cash on the bank statement for the same date was $51,451.46.
b. A deposit of $5,110.25, representing cash receipts of month end, did not appear on the bank statement.
c. Outstanding checks totaled $3,936.80.
d. A check for $1,920.00 returned with the statement was recorded incorrectly in the check register as $1,290.00. The check was for a cash purchase of merchandise.
e. The bank service charge for the month amounted to $30.
f. The bank collected $10,300.00 for Unique Global Corp., on a note. The face value of the note was $10,000.00 while the 3% interest on the note was $300.
g. An NSF check for $298.56 from a customer, Evelyn Smith, was returned with the statement.
h. The bank mistakenly charged to the company account a check for $1,500.00 drawn by another company.
i. The bank reported that it had credited the account for $495.95 in interest on the average balance for the month.
Required
a. Prepare bank reconciliation for Unique Global Corp. , Inc., as of current month end.
b. Why is bank reconciliation considered an important control over cash?
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