In the Month of November (Its First Period of Operations)

question 179

Multiple Choice

In the month of November (its first period of operations) Gavin Company Inc.wrote checks in the amount of $46250.In December checks in the amount of $63290 were written.During November $42340 of these checks were presented to the bank for payment and $54415 during December.What is the amount of outstanding checks at the end of December?

• A)$8875.
• B)$3910.
• C)$12785.
• D)$17750.

Grasp the concept of net realizable value and its application in inventory valuation.

Understand the various cost flow assumptions and their applications in inventory valuation.

Identify and understand the documents used for inventory control and their specific uses.

Differentiate between perpetual and periodic inventory systems and their effects on inventory accounting.

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