(ACCT 212 Week 5 Quiz)
ACCT 212 Week 5 Quiz (Summer 2021)
1. Question: Which cost flow assumption generally results in the highest … amount of net income in periods of rising inventory costs?
2. Question: Which cost flow assumption must … for financial reporting if it is also used for tax reporting?
3. Question: Under a perpetual inventory system:
4. Question: Dunbar sold 600 units of inventory during the month. Ending inventory assuming LIFO would … : (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) (450 + 340) – 600 = 190 x $2.18 = $414
5. Question: Dunbar sold 610 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimal places and final answer to the nearest dollar amount.)
Weighted-average cost = [(600 x $2.36) + (320 x $2.69)]/920
[(1,416) + (860.80)]/920
2.4748 x 310
$767
6. Question: What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
7. Question: Marvin sold 1,910 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
8. Question: A company’s sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company’s inventory turnover ratio equals:
9. Question: Anthony’s average days in inventory is: (Round to the nearest whole day.)
Net Sale/Average Accounts Receivable = Receivable Turn Over Ratio
($138,000/$50,000) = 2.76
Average collection period = 365 days/Receivable Turn Over Ratio
(365/2.76) = 132.2 days
10. Question: Anthony’s gross profit ratio is:
ACCT 212 Week 5 Quiz (Summer 2020)
- Question: A company purchased inventory for $900 per unit. The company later one unit of the inventory for cash of $2,000. Under the perpetual inventory system, which accounts will … to record the sale?
- Question: The selling price of a television is $1,300 and the cost the retailer is $525. What is the retailer’s gross profit from the sale of the television?
- Question: Grogan Company purchases inventory on account with a cost of $2,000 and a retail price of $4,000. Grogan Company uses the perpetual inventory method. What journal entry is … on the of purchase?
- Question: On July 1, Corrao Company purchased $1,600 of inventory on account with credit terms of 3/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5?
- Question: A company has a beginning inventory of $20,000 and purchases during the year of $80,000. The beginning inventory consisted of 1,000 units and 6,000 units were … during the year. The company has 5,000 units left at year – end. Under average-cost, what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)
- Question: Given the following data, calculate the cost of goods sold using the average – cost method. Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar.
- Question: Tomasino’s inventory records show the following date at January 31
- Question: Thelen’s inventory records show the following date at January 31: