Liam uses checks and a debit card, but does not always write all the transactions in his checkbook register. he has lost track of his checkbook balance. liam looks up the “available balance” using online banking, and writes it on the next line as his new checkbook balance available to spend. what is wrong with liam’s method? a. liam’s method fails to consider whether he has written any outstanding checks. b. the reconciliation worksheet will not work properly using liam’s adjusted checkbook balance. c. liam could have unexpected non-sufficient funds fees due on any checks that have not yet cleared the bank. d. all of the above.

Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.