Problem 1The following is the data about purchases and sales of goods for AA…

Problem 1The following is the data about purchases and sales of goods for AA company.Date action quantity unit cost 1/1 inventory 12,000 $6.0001/7 purchase 10,500 $7.0001/22 purchase 11,200 $7.80Sales:1/9 sales 11,400 units1/24 sales 12,200 unitsBases on above data,1. Cost of goods sold under Periodic FIFO isa. $78,780b. $172,260c. $60,600d. $154,0802. Ending inventory under Periodic LIFO isa. $60,600b. $172,260c. $69,790d. $78,7803. Ending inventory under Periodic weighted average cost is: (round to 2 decimal places)a. $163,069b. $172,260c. $78,780d. $69,7914. Cost of goods sold under Perpetual LIFO isa. $154,080b. 163,069c. $172,260d. $232,860****************************************************Problem 2On April 1, the inventory account of Logho Shop /showed merchandise inventory balance of $8800. These transactions occurred during April, 2014. Company uses PERPETUAL SYSTEM.1. On 4/5 Purchased golf bags, clubs and balls on account from Ooland Co. $12,500, terms 3/10, n/60. The journal entry isa. Debit inventory; credit cashb. Debit purchases; credit accounts payablec. Debit inventory; credit accounts receivabled. Debit inventory; credit accounts payable2. On 4/6 Paid freight $280.a. Debit delivery expense; credit cashb. Debit inventory; credit cashc. Debit delivery expense; credit accounts payabled. Debit cash; credit inventory3. On 4/7 Received credit from Ooland Co. for merchandise returned $2000.a. Debit inventory; credit accounts payableb. Debit accounts payable; credit inventoryc. Debit returns; credit cashd. Debit cash; credit inventory4. On 4/9 Sold merchandise on account to members $9400, terms n/30. The cost of the merchandise = $4100.a. Debit cost of goods sold for $4100; credit inventory for $4100b. Debit accounts receivable for $4100; credit sales revenue for $4100c. Debit inventory for $9400; credit sales revenue for $9400d. Debit inventory for $9400; credit sales revenue for $94005. On 4/11 Paid Ooland Co. in full. The company will pay cash ofa. $10,185b. $12,500c. $12,780d. $10,5006. The inventory balance at the end of the month isa. $8,800b. $16,460c. $5,345d. $15,165****************************************************Problem 3The following are account balances of VGV company for the month of September 2013. Company buys and sells windows. Company uses PERIODICAL SYSTEM.Inventory: 09/01/2013 $80,000Purchases for September $330,000Purchase discount $3,300Sales revenue $920,000Sales discount $12,000Sales returns $18,000Inventory: 09/30/2013 $40,0001. The GROSS PROFIT for the month of September isa. $126,330b. $590,000c. $920,000d. $523,300Problem 4On July 31, 2012, Caton Company had a cash balance perbooks of $20,809. The statement from Jackson State Bank onthat date showed a balance of $17,695. A comparison of the bankstatement with the cash account revealed the following facts.1. The bank service charge for July was $125. In bank reconciliation, company willa. Add this charge to the book balanceb. Add this charge to the bank balancec. Subtract this charge from the book balanced. Subtract this charge from bank balance2. The bank collected a note receivable of $2,500 for Fenton Company on July 15, plus $500 of interest. The bank made a $50 charge for the collection. Caton has not accrued any interest on the note. $2500 of note and $500 of interest will bea. Added to the book balanceb. Subtract from the bank balancec. Subtract from the book balanced. Add to the bank balance3. The July 31 receipts of $7,193 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. These receipts will bea. Added to the book balanceb. Subtracted from the bank balancec. Subtracted from the book balanced. Added to the bank balance. Checks outstanding on July 31 totaled $1,980. These outstanding checks will bea. Added to the book balanceb. Subtracted from the book balancec. Added to the bank balanced. Subtracted from the bank balance5. . On July 31 the bank statement showed an NSF charge of $690 for a check received by the company from a customer, on account. This NSF amount will bea. Added to the bank balanceb. Subtracted from the bank balancec. Added to the book balanced. Subtracted from the book balance

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