4 On 05/11/N, A Company purchased merchandise K on credit: Quantity 400 kg, unit cost $4/kg. Freight in $160. On 25/11/N, A issued 550 kg of merchandised for sales. Opening balance of K: quantity 300kg, $1200, FIFO cost method, accounting period: month. Determine: a. Cost of purchased b. Cost of goods sold c. Cost of merchandise at the end of accounting period Write journal entries which would correct these errors: a. Cash received in advance $500 was debited to A/R account b. Machine bought in cash $900 was omitted from the books entirely c. Material purchased in cash $600 had been recorded in the material as $500, but the cash account was correctly written up loptries for the following transaction:

4 On 05/11/N, A Company purchased merchandise K on credit: Quantity 400 kg, unit cost $4/kg. Freight in $160. On 25/11/N, A issued 550 kg of merchandised for sales. Opening balance of K: quantity 300kg, $1200, FIFO cost method, accounting period: month. Determine: a. Cost of purchased b. Cost of goods sold c. Cost of merchandise at the end of accounting period Write journal entries which would correct these errors: a. Cash received in advance $500 was debited to A/R account b. Machine bought in cash $900 was omitted from the books entirely c. Material purchased in cash $600 had been recorded in the material as $500, but the cash account was correctly written up loptries for the following transaction:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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