A company purchased inventory for $2,000 from a vendor on account
1)A company purchased inventory for $2,000 from a vendor on account, FOB shipping point with termsof 2/10 net/30. The company paid the shipper $100 cash for freight in. the company the returneddamaged goods worth $200. The invoice has been paid 8 days after the sale. Assuming that there was nobeginning inventory balance, the cost of the inventory would be: (assume a perpetual inventory system)$1,764.$1,864.$2,100.$1,900.2) A company purchased 100 units for $30 each on January 31. It purchased 150units for $25 onFebruary 28. It sold 150 units for $50 each from March 1 throughDecember 31. If the company usesthe weight-average inventory costing method, calculate the amount of endinginventory on December 31.(assume the company uses a perpetual inventory systwem).$6,750$2,700$4,350$2,9003) On July 4, a hardware manufacturing firm purchased inventory on account for $1,300. Thecompany plans to pay $700 in the next week and the remaining in the week after. Which of thefollowing is the correct entry to record this transaction in a purchases journal? Assume aperpetual inventory system is used.$650 will be recorded in the Accounts Payable CR and Merchandise Inventory CRcolumn.$2,000 will be recorded in the Accounts Payable DR and Merchandise InventoryDR column.$1,300 will be recorded in the Merchandise Inventory CR and Accounts PayableDR column.$1,300 will be recorded in the Accounts Payable CR and Merchandise InventoryDR column4) A company has a petty cash fund amount of $300. When replenished, it has petty cashreceipts of $30 for gas expense, $32 for postage expense, $16 for supplies expense, and $10 formiscellaneous expenses. Assume the cash balance is not over or short. In the journal entry,Cash would be credited with$88.$72.$62.$78.5)The bookkeeper of Fire Steel Inc. recorded a $1,524.00 check as $15,240 inpayment of the current month rent. Which of the following journal entries is neededto adjust for this error in the books of the company?1.Cash13,716Sales revenue13,7162.Rent expense15,240Cash15,2403.Cash13,716Rent expense13,7164.Booking error1,524Cash1,524
