Reference no: EM131703893
Question - Use the following information from Tack Company for the month of April to answer questions 1 through 3.
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Number of Units
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Unit Count
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Total Cost
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April 1
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Beginning inventory
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75
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$25
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$1,875
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April 3
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Purchase
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348
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27
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9,396
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April 15
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Purchase
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257
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28
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7,196
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680
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$18,467
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Tack Company sells 575 units of inventory for $75 each.
1. Assume that Tack uses a periodic FIFO inventory system. What is the dollar value of its ending inventory?
a. $2,940
b. $2,685
c. $2,625
d. $2,868
e. $2,705
2. Assume that Tack uses a periodic LIFO inventory system. What is the dollar value of its ending inventory?
a. $2,940
b. $2,685
c. $2,625
d. $2,868
e. $2,705
3. Assume that Tack uses a periodic specific identification inventory system. Its ending inventory consists of 22 units from beginning inventory, 6 units from the April 3 purchase, and 77 units from the April 15 purchase. What is the dollar value of its ending inventory?
a. $2,940
b. $2,685
c. $2,625
d. $2,868
e. $2,840
4. Billing Industries received its utility bill for the current period of $800 and immediately paid it. Its journal entry to record this transaction includes a
a. Credit to Utility Expense for $800.
b. Debit to Utility Expense for $800.
c. Debit to Accounts Payable for $800.
d. Debit to Cash for $800.
e. Credit to Common Stock for $800.
5. On May 1, Chuck's Cleaning Service collected $3,500 cash from a customer in advance of five months of cleaning service. Chuck's journal entry to record this transaction includes a
a. Credit to Unearned Cleaning Service Fees for $3,500.
b. Debit to Cleaning Service Fees Earned for $3,500.
c. Credit to Cash for $3,500.
d. Debit to Unearned Cleaning Service Fees for $3,500.
e. Credit to Common Stock for $3,500.
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