Inventory Valuations and Bank Reconciliation
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1. Tedesco Company's beginning inventory and purchases during the month of October were as follows:
Oct. 1 Beginning inventory 100 units @ $20
Oct. 5 Purchases 100 units @ $22
Oct. 15 Purchases 100 units @ $24
Oct. 20 Purchases 100 units @ $26
Tedesco sold 260 units during the month of October.
Compute BOTH the cost of goods sold and ending inventory using LIFO and FIFO
(Show your work) Use the periodic inventory system.
2. The following information pertains to the bank transactions of Crawford Company:
A. Cash on the books as of September 30 was $499. Cash as shown on the bank statement for the same date was $1,330.
B. A deposit of $160, representing cash receipts of September 30, did not appear on the bank statement.
C. Outstanding checks totaled $240.
D. Bank service charges for September amounted to $9.
E. The bank collected for Crawford Company $840 (which includes $40 interest) on a note left for collection.
F. An NSF check for $80 from a customer, Jack Betz, was returned with the statement.
Prepare a bank reconciliation for Crawford Company as of September 30, 2010
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Solution Summary
This solution illustrates how to value inventory under alternative flow assumptions and how to complete a full (two-sided) bank reconciliation.
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