Final 
ACC121 FINAL EXAM – Problems (130 points total) First 10 problems @ 11 points each; 1 problem @ 20 points
Student name _Katerina Worley______________________ Date _6/23/15____________________
1. Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.)
Assume that a periodic inventory system is used.
Jan.
1
Beginning inventory
225 items @ $3 =
$ 675
May
1
Purchases
675 items @ $6 = 4,050
Totals
900 items
$4,725
Total sales
450 items
Dec.
31
Ending inventory
450 items
a. 4,725/900= 5.25 each. 450@5.25= $2,363.50
b. 225@3= $675 225@6=$1,350 675+1,350=$2,025
c. 350@6=$2,700
2. Assuming a perpetual inventory system is used, use the following information to calculate cost of goods sold on an average-cost basis.
Dec.
1
Beginning inventory
50 units @ $22= $1,100
9
Purchases
50 units @ $24= $1,200
17
Sales
25 units @ $23= $575
22
Purchases
75 units @ $27= $2,025
27
Sales
40 units @ $26= $1,040
575+1,040=
Cost of good sold: $1,615
3. The following information pertains to the bank transactions of Rawlins Company:
a. Cash on the books as of April 30 was $499. Cash as shown on the bank statement for the same date was $1,330.
b. A deposit of $160, representing cash receipts as of April 30, did not appear on the bank statement.
c. Outstanding checks totaled $240.
d. Bank service charges for April amounted to $9
e. The bank collected for Rawlins Company $840 (which includes $40 interest) on a note left for collection.
f. An NSF check for $80 from a customer, Joe Beck, was returned with the statement.
Required:
1. Prepare a bank reconciliation for Rawlins Company as of April 30.
2. State the amount of cash that would appear on the balance sheet as of April 30.
Rawlins Company
Bank Reconciliation
April 30, 2014
Balance Per Bank April 30
Student name _Katerina Worley______________________ Date _6/23/15____________________
1. Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.)
Assume that a periodic inventory system is used.
Jan.
1
Beginning inventory
225 items @ $3 =
$ 675
May
1
Purchases
675 items @ $6 = 4,050
Totals
900 items
$4,725
Total sales
450 items
Dec.
31
Ending inventory
450 items
a. 4,725/900= 5.25 each. 450@5.25= $2,363.50
b. 225@3= $675 225@6=$1,350 675+1,350=$2,025
c. 350@6=$2,700
2. Assuming a perpetual inventory system is used, use the following information to calculate cost of goods sold on an average-cost basis.
Dec.
1
Beginning inventory
50 units @ $22= $1,100
9
Purchases
50 units @ $24= $1,200
17
Sales
25 units @ $23= $575
22
Purchases
75 units @ $27= $2,025
27
Sales
40 units @ $26= $1,040
575+1,040=
Cost of good sold: $1,615
3. The following information pertains to the bank transactions of Rawlins Company:
a. Cash on the books as of April 30 was $499. Cash as shown on the bank statement for the same date was $1,330.
b. A deposit of $160, representing cash receipts as of April 30, did not appear on the bank statement.
c. Outstanding checks totaled $240.
d. Bank service charges for April amounted to $9
e. The bank collected for Rawlins Company $840 (which includes $40 interest) on a note left for collection.
f. An NSF check for $80 from a customer, Joe Beck, was returned with the statement.
Required:
1. Prepare a bank reconciliation for Rawlins Company as of April 30.
2. State the amount of cash that would appear on the balance sheet as of April 30.
Rawlins Company
Bank Reconciliation
April 30, 2014
Balance Per Bank April 30