Company A uses a perpetual system to record inventory transactions. The company purchases 1,500 units of inventory on account on February 2 for $60,000 ($40 per unit) but then returns 100 defective units on February 5.  Record the inventory purchase on account on February 2 (account  debited, account credited and amount).

When inventory costs are rising, which method (FIFO or LIFO) will result in higher COGS?

During the month a company has the following purchases:  March 1 – 10 units, $30 each March 3 – 6 units, $40 each March 15 – 20 units, $20 each During the month, the company sells 11 units.  Calculate the Ending inventory using FIFO as of the end of the month, assuming there is no beginning inventory.  Include your calculation in the space provided.

Perform the indicated operation. A calculator is not allowed. – 12 – ( – 5 ) =

Perform the indicated operation. A calculator is not allowed. – 4 . 6 ( – 1 . 3 ) =

Perform the indicated operation. A calculator is not allowed. If any digits repeat, indicate in the second blank. – 9 . 6 0 . 08 = Do any of the digits repeat? If yes, indicate which ones. If no, enter “none” into the blank. The repeating digit is =

Round the following as indicated: A.    1 . 347 (tenth) = B.    – 37 . 10789 (thousandth) =

Simplify the following using order of operations. If the answer is undefined, type UND. 6 2 + 5 – 3 + 2   =  

Perform the indicated operation. A calculator is not allowed. – ( – 4 ) 2 =

Evaluate and simplify the result.(Hint: If your result is a fraction, you can give your response using the divide sign or use the “Math” option to write your answer. Example: 2 1/2 means 212).37-821