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1) The ____________________ of a note is the day the principle plus interest of a note
must be repaid.
2) List the steps in processing transactions.
3) Refer to the following information about the Dipping Department of the Indiana
Factory for the month of August. Indiana Factory uses the FIFO method of inventory
costing.
The cost per equivalent unit of materials is $10.00, and the cost per equivalent unit of
labor and overhead is $22.00. Prepare a cost reconciliation for the month of August.
4) Describe the internal controls that must be applied when taking a physical count of
inventory.
5) A sporting goods store budgeted August purchases of ski jackets at $140,000. The
store had ski jackets costing $12,000 in its inventory at the beginning of August; and to
cover part of anticipated September sales, they expect to have $25,000 of ski jackets in
inventory at the end of the month of August. What is the budgeted cost of goods sold
for August?
