HellBill » Hell Bill Area: » Bill Of Sales » NEED HELP ASAP THANK IF YOU CAN EXPLAIN ME HOW I NEED TO DO THE EXERCISES THANKS A LOT

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: 11. Casey Company's beginning inventory and purchases during the fiscal year ended December 31, 2012, were as follows: (Note: The company uses a perpetual system of inventory.)
UnitsUnit PriceTotal Cost
January 1—Beginning Inventory20$12$240
March 8—Sold14
April 2—Purchase30$13$390
June 5—Sold25
Aug 6—Purchase25$14$350
Sept 11—Sold22
Total Cost of Inventory$980
Ending inventory is 14 units.

What is the cost of goods sold for Casey Company for 2012 using LIFO?
A. $264

B. $308

C. $784

D. $801




15. Bill's Bikes had sales for the week of $3,569, of which $2,900 was on credit and $659 was in cash sales. The cost of the bikes sold was $1,888. The journal entries would include a
A. debit to Cash for $3569; credit to Sales for $3,569.



B. debit to Cost of Goods Sold for $1,888; credit to Sales of $1,888.

C. debit to Cash for $3,569; credit to Cost of Goods Sold for $3,569.

D. debit to Cost of Goods Sold for $1,888; credit to Inventory for $1,888.



16. Meranda Corporation purchases $3,500 of inventory on account from Ashley Corporation. The journal entry to record this purchase for Meranda under a perpetual inventory system is
A. debit Inventory; credit Cash.

B. debit Inventory; credit Accounts Payable—Meranda.
C. debit Inventory; credit Accounts Payable—Ashley.

D. debit Accounts Payable-Ashley; credit Inventory
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