Columbia Company is constructing a building. Construction be…

Columbia Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6,400,000 on March 1, $5,280,000 on June 1, and $4,000,000 on December 31. Columbia Company borrowed $3,200,000 on January 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $6,400,000 note payable and an 11%, 4-year, $12,000,000 note payable.                           What are the weighted-average accumulated expenditures?

Inventory records for Herb’s Chemicals revealed the followin…

Inventory records for Herb’s Chemicals revealed the following:   March 1 inventory – 1,000 gallons @ $7.20 = $7,200   Purchases:   Sales:   Mar. 10 600 gals @ $7.25 Mar.5 400 gals Mar. 16 800 gals @ $7.30 Mar. 14 700 gals Mar. 23 600 gals @ $7.35 Mar. 20 500 gals     Mar. 26 700 gals The ending inventory under a periodic inventory system assuming weighted-average cost is:

A company forgets to record a purchase on credit in the Purc…

A company forgets to record a purchase on credit in the Purchases account, but ending inventory is correct. The effect of this mistake in the current year is:        Income            Cost of Goods Sold     Accounts Payable     Retained Earnings