Use the following data to calculate the cost of ending inventory under the FIFO method. \[\begin{array} { l l l } \text { September } 1 & \text { Beginning Inventory } & 15 \text { units at } \$ 20 \text { each } \\ \text { September } 10 & \text { Purchase } & 20 \text { units at } \$ 25 \text { each } \\ \text { September } 20 & \text { Purchase } & 25 \text { units at } \$ 28 \text { each } \\ \text { September } 30 & \text { Ending Inventory } & 30 \text { units } \end{array}\]

A) $825 B) $750 C) $675 D) $840 A) $825 B) $750 C) $675 D) $840

Use the following data to calculate cost of merchandise sold under FIFO method. \[\begin{array} { l l l } \text { September } 1 & \text { Beginning Inventory } & 15 \text { units at } \$ 20 \text { each } \\ \text { September } 10 & \text { Purchase } & 20 \text { units at } \$ 25 \text { each } \\ \text { September } 20 & \text { Purchase } & 25 \text { units at } \$ 28 \text { each } \\ \text { September } 30 & \text { Ending Inventory } & 30 \text { units } \end{array}\]

A) $825 B) $750 C) $675 D) $600 A) $825 B) $750 C) $675 D) $600

Use the following data to calculate the cost of ending inventory under average cost method. \[\begin{array} { l l l } \text { September } 1 & \text { Beginning Inventory } & 20 \text { units at } \$ 10 \text { each } \\ \text { September } 10 & \text { Purchase } & 25 \text { units at } \$ 20 \text { each } \\ \text { September } 20 & \text { Purchase } & 40 \text { units at } \$ 25 \text { each } \\ \text { September } 30 & \text { Ending Inventory } & 35 \text { units } \end{array}\]

A) $992 B) $400 C) $875 D) $700 A) $992 B) $400 C) $875 D) $700

The following data is available for an item of JNC Inc.for the month of March: \[\begin{array} { r l l } \text { March } 1 & \text { Inventory } & 15 \text { units at } \$ 10 \text { each } \\ 15 & \text { Purchase } & 30 \text { units at } \$ 18 \text { each } \\ 31 & \text { Purchase } & 24 \text { units at } \$ 15 \text { each } \\ & \text { Sale } & 30 \text { units } \end{array}\] ? ?Using the first-in, first-out method, what is JNC Inc.'s cost of ending inventory for March??

A) $630 B) $510 C) $420 D) $360 A) $630 B) $510 C) $420 D) $360

Exam 6: Receivables and Inventories

Use the following data to calculate the cost of ending inventory under the FIFO method. September 1 Beginning Inventory 15 units at \ 20 each September 10 Purchase 20 units at \ 25 each September 20 Purchase 25 units at \ 28 each September 30 Ending Inventory 30 units

(Multiple Choice)

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Question 81

Days' sales in receivables estimates the average number of days it takes to:

(Multiple Choice)

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Question 82

ABC Inc.provided the following data for the year end: Cost of goods sold $4,680,000 Inventory at the beginning of the year 678,000 Inventory at the end of the year 570,000 What is ABC Inc.'s days' sale in inventory? (Assume 360 days in a year)

(Multiple Choice)

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Question 83

If merchandise inventory is being valued at cost and the price level is steadily falling, which method of costing will yield the largest gross profit?

(Multiple Choice)

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Question 84

During a period of consistently rising prices, the method of inventory costing that will result in reporting the greatest cost of merchandise sold is:

(Multiple Choice)

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Question 85

The amount of the promissory note plus the interest earned on the due date is called the:

(Multiple Choice)

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Question 86

The inventory costing method that considers the ending inventory to be composed of units of the merchandise acquired earliest is called:

(Multiple Choice)

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Question 87

SQC Inc.had sales of $3,000,000, cost of merchandise sold of $2,100,000, and average inventory of $140,000.What is SQC Inc.'s days' sales in inventory? (Round the answer to the nearest whole number.)

(Multiple Choice)

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Question 88

The presentation of net accounts receivable on the balance sheet will be most accurate under the:

(Multiple Choice)

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Question 89

Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units at \ 20 each September 10 Purchase 20 units at \ 25 each September 20 Purchase 25 units at \ 28 each September 30 Ending Inventory 30 units

(Multiple Choice)

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Question 90

Use the following data to calculate the cost of ending inventory under average cost method. September 1 Beginning Inventory 20 units at \ 10 each September 10 Purchase 25 units at \ 20 each September 20 Purchase 40 units at \ 25 each September 30 Ending Inventory 35 units

(Multiple Choice)

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Question 91

In reference to a promissory note, the person who is to receive payment is called the:

(Multiple Choice)

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Question 92

Credit purchase is taken into account while calculating accounts receivable turnover ratio.

(True/False)

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Question 93

If net sales is $550,000, beginning inventory is $110,000, and ending inventory is $125,000, how much would be the accounts receivables turnover?

(Multiple Choice)

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Question 94

The following data is available for an item of JNC Inc.for the month of March: March 1 Inventory 15 units at \ 10 each 15 Purchase 30 units at \ 18 each 31 Purchase 24 units at \ 15 each Sale 30 units ? ?Using the first-in, first-out method, what is JNC Inc.'s cost of ending inventory for March??

(Multiple Choice)

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Question 95

A written promise to pay a sum of money on demand or at a definite time is called a(n):

(Multiple Choice)

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Question 96

Allowance for Doubtful Accounts is a contra liability account.

(True/False)

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Question 97

The units of Product YY2 available for sale during the year were as follows: Apr. 1 Inventory 16 units at \ 30 each Jun. 16 Purchase 30 units at \ 33 each Sep. 28 Purchase 45 units at \ 37 each ? There are 17 units of the product in the physical ending inventory at March 31.The periodic inventory system is used.Determine the ending inventory cost by (a) FIFO, (b) LIFO, and (c) average cost methods.

(Essay)

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Question 98

Other than accounts receivable and notes receivable, name other receivables that might be included on the balance sheet.

(Essay)

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Question 99

During inflationary periods, the value of inventory that appears on the balance sheet using FIFO method will be more than its current replacement cost.

(True/False)

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Question 100

Use the following data to calculate the cost of ending inventory under the FIFO method. September 1 Beginning Inventory 15 units at \ 20 each September 10 Purchase 20 units at \ 25 each September 20 Purchase 25 units at \ 28 each September 30 Ending Inventory 30 units

Days' sales in receivables estimates the average number of days it takes to:

ABC Inc.provided the following data for the year end: Cost of goods sold $4,680,000 Inventory at the beginning of the year 678,000 Inventory at the end of the year 570,000 What is ABC Inc.'s days' sale in inventory? (Assume 360 days in a year)

If merchandise inventory is being valued at cost and the price level is steadily falling, which method of costing will yield the largest gross profit?

During a period of consistently rising prices, the method of inventory costing that will result in reporting the greatest cost of merchandise sold is:

The amount of the promissory note plus the interest earned on the due date is called the:

The inventory costing method that considers the ending inventory to be composed of units of the merchandise acquired earliest is called:

SQC Inc.had sales of $3,000,000, cost of merchandise sold of $2,100,000, and average inventory of $140,000.What is SQC Inc.'s days' sales in inventory? (Round the answer to the nearest whole number.)

The presentation of net accounts receivable on the balance sheet will be most accurate under the:

Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units at \ 20 each September 10 Purchase 20 units at \ 25 each September 20 Purchase 25 units at \ 28 each September 30 Ending Inventory 30 units

Use the following data to calculate the cost of ending inventory under average cost method. September 1 Beginning Inventory 20 units at \ 10 each September 10 Purchase 25 units at \ 20 each September 20 Purchase 40 units at \ 25 each September 30 Ending Inventory 35 units

In reference to a promissory note, the person who is to receive payment is called the:

Credit purchase is taken into account while calculating accounts receivable turnover ratio.

If net sales is $550,000, beginning inventory is $110,000, and ending inventory is $125,000, how much would be the accounts receivables turnover?

The following data is available for an item of JNC Inc.for the month of March: March 1 Inventory 15 units at \ 10 each 15 Purchase 30 units at \ 18 each 31 Purchase 24 units at \ 15 each Sale 30 units ? ?Using the first-in, first-out method, what is JNC Inc.'s cost of ending inventory for March??

A written promise to pay a sum of money on demand or at a definite time is called a(n):

Allowance for Doubtful Accounts is a contra liability account.

Other than accounts receivable and notes receivable, name other receivables that might be included on the balance sheet.

During inflationary periods, the value of inventory that appears on the balance sheet using FIFO method will be more than its current replacement cost.

The Role of Accounting in Business

Basic Accounting Systems: Cash Basis

Basic Accounting Systems: Accrual Basis

Accounting for Merchandising Businesses

Internal Control and Cash

Fixed Assets, Natural Resources, and Intangible Assets

Liabilities and Stockholders Equity

Metric Analysis of Financial Statements

Accounting for Manufacturing Operations

Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Costs

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

Filters

Exam 6: Receivables and Inventories

Use the following data to calculate the cost of ending inventory under the FIFO method. September 1 Beginning Inventory 15 units at \ 20 each September 10 Purchase 20 units at \ 25 each September 20 Purchase 25 units at \ 28 each September 30 Ending Inventory 30 units

Days' sales in receivables estimates the average number of days it takes to:

ABC Inc.provided the following data for the year end: Cost of goods sold $4,680,000 Inventory at the beginning of the year 678,000 Inventory at the end of the year 570,000 ​ What is ABC Inc.'s days' sale in inventory? (Assume 360 days in a year)

If merchandise inventory is being valued at cost and the price level is steadily falling, which method of costing will yield the largest gross profit?

During a period of consistently rising prices, the method of inventory costing that will result in reporting the greatest cost of merchandise sold is:

The amount of the promissory note plus the interest earned on the due date is called the:

The inventory costing method that considers the ending inventory to be composed of units of the merchandise acquired earliest is called:

SQC Inc.had sales of $3,000,000, cost of merchandise sold of $2,100,000, and average inventory of $140,000.What is SQC Inc.'s days' sales in inventory? (Round the answer to the nearest whole number.)

The presentation of net accounts receivable on the balance sheet will be most accurate under the:

Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units at \ 20 each September 10 Purchase 20 units at \ 25 each September 20 Purchase 25 units at \ 28 each September 30 Ending Inventory 30 units

Use the following data to calculate the cost of ending inventory under average cost method. September 1 Beginning Inventory 20 units at \ 10 each September 10 Purchase 25 units at \ 20 each September 20 Purchase 40 units at \ 25 each September 30 Ending Inventory 35 units

In reference to a promissory note, the person who is to receive payment is called the:

Credit purchase is taken into account while calculating accounts receivable turnover ratio.

If net sales is $550,000, beginning inventory is $110,000, and ending inventory is $125,000, how much would be the accounts receivables turnover?

The following data is available for an item of JNC Inc.for the month of March: March 1 Inventory 15 units at \ 10 each 15 Purchase 30 units at \ 18 each 31 Purchase 24 units at \ 15 each Sale 30 units ? ?Using the first-in, first-out method, what is JNC Inc.'s cost of ending inventory for March??

A written promise to pay a sum of money on demand or at a definite time is called a(n):

Allowance for Doubtful Accounts is a contra liability account.

Other than accounts receivable and notes receivable, name other receivables that might be included on the balance sheet.

During inflationary periods, the value of inventory that appears on the balance sheet using FIFO method will be more than its current replacement cost.

The Role of Accounting in Business

Basic Accounting Systems: Cash Basis

Basic Accounting Systems: Accrual Basis

Accounting for Merchandising Businesses

Internal Control and Cash

Fixed Assets, Natural Resources, and Intangible Assets

Liabilities and Stockholders Equity

Metric Analysis of Financial Statements

Accounting for Manufacturing Operations

Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Costs

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

Filters

ABC Inc.provided the following data for the year end: Cost of goods sold $4,680,000 Inventory at the beginning of the year 678,000 Inventory at the end of the year 570,000 What is ABC Inc.'s days' sale in inventory? (Assume 360 days in a year)