Intermediate I Exam II Sample Exam All reconciling items at March 31, 2007, cleared through the bank in April. Outstanding checks at April 30, 2007, totaled $3,500. What is the balance of cash per books at April 30, 2007? A. $31,100 b. $26,450 c. $24,100 d. $22,950 2. Your cashier has notified you that he has misplaced all the bank statements for the past year. Assume that the preadjustment balance in the cash account was $7,684, outstanding checks at June 30 were $208, and no other adjustments were required in preparing the bank reconciliation. What was the preadjustment balance per bank at June 30, 2007? 3. Mikel Co. Has determined its December 31, 2008, inventory on a FIFO basis to be $400,000. Mikel records losses that result from applying the lower of cost or market rule. At December 31, 2008, what should be the net carrying value of Mikel”s inventory?