Answer Happy

17. What does the "as of date" for an inventory item indicate? A. the number of inventory items on hand as of that date B. the date to reorder based on sales history C. the date the inventory will no longer be available D. the date the inventory is available for sale 18. Jaslene received a bill from her supplier that included more than the actual products purchased. What might the charges be for and what should she do? A. This can happen with the FIFO inventory method. It just means the items she ordered have different costs, based on when the supplier purchased them on their end. B. It could be an error. She should contact the supplier to discuss and request a new bill. C. It is likely for delivery or shipping charges. She should add the charge to the purchase transaction in QuickBooks. D. She should only pay for what she ordered. 19. The inventory transactions for Item A are as follows: Date Transaction Type Purchase Item A Purchase Item A Sold Item A Purchase Item A 03/01/20XX 03/15/20XX 03/20/20XX 03/31/20XX Qty 20 10 A. $100.00 B. $93.75 C. $94.55 D. $92.50 15 25 Cost $2.00 $2.75 $2.50 Assuming the 2/28/20XX inventory balance for Item A was zero, what is the inventory balance as of 04/01/20XX using the FIFO inventory cost method?