Quayle Company Gathered the Following Reconciling Information in Preparing Its

question 40

Multiple Choice

Quayle Company gathered the following reconciling information in preparing its August bank reconciliation: The adjusted cash balance per books on August 31 is

• A) $8,320.
• B) $8,020.
• C) $4,620.
• D) $4,920.

---

Definitions:

Sales In Inventory

This term seems incorrect or incomplete. The correct term is likely "Inventory," which refers to the goods and materials a business holds for the purpose of resale.

FIFO

First In, First Out (FIFO) is an inventory valuation method where the costs of the oldest items are the first to be expensed, used to calculate cost of goods sold.

Cost Of Goods Sold

The specific costs involved in producing goods for sale by a company, covering materials and labor.

LIFO Method

"Last In, First Out," an inventory costing method where the most recently produced or purchased items are recorded as sold first.