Homework Answers
1) Weighted average cost
| Ending inventory (1770/25)*5 | 354 |
| Cost of goods sold (1770/25*20) | 1416 |
2) FIFO
| Ending inventory (98*67) | 6566 |
| Cost of goods sold (27472-6566) | 20906 |
3) Journal entry
| Date | account and explanation | Debit | Credit |
| Cash | 11340 | ||
| Notes receivable | 10500 | ||
| Interest revenue (10500*16%*6/12) | 840 |
So answer is b)
4) Total assets
| Cash | 12500 |
| Supplies | 5000 |
| Prepaid rent | 2300 |
| Equipment | 65700 |
| Total assets | 85500 |
So answer is b) $85500
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