Team shirts inc bought a computer system for 100000 and

Reference no: EM13575676

1.) Inventory information for Missoula Merchandising Inc is provided below. Sales for the period were 2800 units for $8 each. The company uses a weighted average periodic inventory system.

Date # of units Unit Cost Total cost

Jan 1 Beginning Inventory 1,000 $2.20 $2,200

Jan Purchase 600 $3.50 $2,100

Feb Purchase 800 $4.00 $3,200

Mar Purchase 1,200 $4.25 $5,100

Determine the ending at march 31

2.) Which of the following is an indication of good corporate governance?

A.) A company has an information processing system that was designed by its external auditors.

B.) A company has a board of directors made up entirely of the company's top managers, who have the most comphrensive knowledge of the company's business.

C.) A company has a set of financial statements that is simple and easy to understand.

D.) A company has an audit committee that report directly to the company's CFO.

3.) Team Shirts Inc bought a computer system for $100,000 and received $10,000 for the sale of its used computers. It also received $10,000 from sale of its inventory. The amount of net cash from investing activities is

A.) $(80,000)

B.) $(90,000)

C.) $80,000

D.) $(100,000)

Reference no: EM13575676

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