Financial accounting questions,need answer Lackey Company wrote checks totaling

Question

Financial accounting questions,need answer

Lackey Company wrote checks totaling $25, 620 during October and $27, 976 during November. $24, 360 of these checks cleared the bank in October, and $27, 330 cleared the bank in November. What was the amount of outstanding checks on November 30? $1, 906 $346 $916 $2, 970 When the average cost method is applied in a perpetual inventory system, the sale of goods will change the unit cost that remains in inventory. True or False Internal auditors are hired by CPA firms to audit business firms. are employees of the IRS who evaluate the internal controls of companies filing tax returns. evaluate the system of internal controls for the companies that employ them. cannot evaluate the system of internal controls of the company that employs them because they are not independent. The following information was available for Bowyer Company at December 31, 2014: beginning inventory $90, 000; ending inventory $70, 000; cost of goods sold $880, 000; and sales $1, 200, 000. Bowyer's days in inventory in 2014 was 24. 3 days 33. 2 days 29 days 37. 2 days Cost of Goods Sold is considered an expense of a merchandi sing firm. True or False

Explanation / Answer

1) a. $1906

2) False

3) c) evaluate the system of internal control for the companies that employ them

4) b) 33.20

Bowyer's days in inventory = (365*(90000+70000)/2 )/880000 = 33.20 days

5) True

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