Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 8.What was the company's Days Outstanding in...

1.Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 8.6. What was the company's Days Outstanding in Inventory. Assume a 365 day year. Round to one decimal place.

2.

Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

110

$10

5/5

Purchase

150

$12

5/15

Purchase

330

$14

5/25

Purchase

350

$16

Sales were 450 units at $20.  Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

3.Annapolis Company's bank statement indicated an ending cash balance of $8,440. Alpha's accountant discovered that outstanding checks amounted to $565 and deposits in transit were $760. Additionally, the bank statement showed service charges of $25. What is the correct adjusted ending cash balance

4.Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include a:

5.Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.

> Alpha Company sold on account $2,500 of merchandise to Bravo Company on May 2, 2016. Selling price was $4,000. Freight charges related to this transaction of $150 were paid by Alpha Company.

> Bravo Company returned, to Alpha Company, $250 of this merchandise on May 3, 2016. Merchandise was sold for $400

Use this information to prepare Alpha Company's General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required."

6.Alpha Company provided the following data concerning its income statement: sales, $910,000; purchases, $452,000; beginning inventory, $215,000; ending inventory, $287,000; operating expenses, $114,000; freight-in, $5,000; sales discounts, $25,000; purchases discounts, $15,000; sales returns & allowances, $95,000; and purchases returns & allowances, $44,000. The data are complete and provide the basis for preparation of an income statement. How much is net income?

7.Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return?

Question 3 options:

Debit Accounts Payable, and Credit Inventory.

Debit Accounts Payable, and Credit Purchases.

Debit Accounts Payable, and Credit Purchase Discounts.

Debit Accounts Payable, and Credit Purchase Returns and Allowances.