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Practice test answers ch 56

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Answers to Practice Test for Chap 5,6 Multiple Choice 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 d c c a b d d c e b d a a c e c c d b Answers to Problems. #1 2-Apr A/R 4,800 Sales CGS 4,800 2,700 Merch Inventory 4-Apr Sales Ret and Allow A/R 2,700 200 200 Merch Inventory CGS 110 13-Apr Cash Sales Discounts A/R 4,554 46 #2 Sales Less: Sales Disc Sales R&A = Net sales GM Ratio = 28.3% 50475 235 2840 47400 110 4,600 Net Sales Less: CGS =Gross Profit 47400 33975 13425 GM Ratio = Gross profit/net sales = 28.3% #3 under over over under over under under over #4 CGS End Inv FIFO $ 157.50 $ 114.50 LIFO $ 149.00 $ 123.00 Weigh Av $ 153.00 $ 119.00 (details below) FIFO 1-Apr Beg Inv 3 18 54.00 4-Apr Purch 8 17.25 138.00 3 8 18 17.25 54.00 138.00 192.00 6-Apr Purch 5 16 80.00 3 8 5 18 17.25 16 54.00 138.00 80.00 272.00 7-Apr Sales 3 6 18 17.25 ...
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