Use the information below to answer the following questions. The following lots of a particular commodity were available for sale during the year: $\begin{array}{ll} \text { Beginning inventory } & 10 \text { units at } \$ 60 \\ \text { First purchase } & 25 \text { units at } \$ 65 \\ \text { Second purchase } & 30 \text { units at } \$ 68 \\ \text { Third purchase } & 15 \text { units at } \$ 75 \end{array}$ The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. -What is the amount of inventory at the end of the year using the LIFO method??

A) $1,685 B) $1,575 C) $1,805 D) $3,815 A) $1,685 B) $1,575 C) $1,805 D) $3,815

Determine the total value of the merchandise using net realizable value. \[\begin{array} { | l | c | c | c | } \hline { \text { Item } } & \text { Quantity } & \text { Selling Price } & \text { Commission } \\ \hline \text { Doll } & 10 & \$ 7 & \$ 2 \\ \hline \text { Horse } & 5 & 9 & 3 \\ \hline \end{array}\]

A) $35 B) $80 C) $115 D) $25 A) $35 B) $80 C) $115 D) $25

Exam 7: Inventories

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Use the information below to answer the following questions. The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at \ 60 First purchase 25 units at \ 65 Second purchase 30 units at \ 68 Third purchase 15 units at \ 75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. -What is the amount of inventory at the end of the year using the LIFO method??

(Multiple Choice)

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Question 201

The method of estimating inventory that uses records of the selling prices of the merchandise is called the

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Question 202

Beginning inventory, purchases, and sales data for widgets are as follows:? Apr. 3 Inventory 15 units @ \ 30 11 Purchase 12 units @ \ 27 14 Sale 18 units 21 Purchase 7 units @ \ 25 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using FIFO. $Beginning inventory, purchases, and sales data for widgets are as follows:? \begin{array} { | r | r | l | r | l | r | r | } \hline & \text { Apr. } 3 & \text { Inventory } & & 15 \text { units } & @ & \$ 30 \\ \hline &11 & \text { Purchase } & & 12 \text { units } & @ & \$ 27 \\ \hline & 14 & \text { Sale } & & 18 \text { units } & & \\ \hline &21 & \text { Purchase } & & 7 \text { units } & @ & \$ 25 \\ \hline &25 & \text { Sale } & & 10 \text { units } & & \\ \hline \end{array} Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using FIFO.$

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Question 203

Match each description to the appropriate cost flow assumption (a-d). -The cost of the units sold and in ending inventory is a weighted average of the purchase costs.

(Multiple Choice)

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Question 204

If a company mistakenly counts more items during a physical inventory than actually exist, how will the error affect its bottom line?

(Multiple Choice)

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Question 205

When using the FIFO inventory costing method, the most recent costs are assigned to the cost of merchandise sold.

(True/False)

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Question 206

The specific identification inventory method should be used when the inventory consists of identical, low-cost units that are purchased and sold frequently.

(True/False)

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Question 207

Determine the total value of the merchandise using net realizable value. Item Quantity Selling Price Commission Doll 10 \ 7 \ 2 Horse 5 9 3

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Question 208

Showing 201 - 208 of 208

The method of estimating inventory that uses records of the selling prices of the merchandise is called the

Match each description to the appropriate cost flow assumption (a-d). -The cost of the units sold and in ending inventory is a weighted average of the purchase costs.

If a company mistakenly counts more items during a physical inventory than actually exist, how will the error affect its bottom line?

When using the FIFO inventory costing method, the most recent costs are assigned to the cost of merchandise sold.

The specific identification inventory method should be used when the inventory consists of identical, low-cost units that are purchased and sold frequently.

Determine the total value of the merchandise using net realizable value. Item Quantity Selling Price Commission Doll 10 \ 7 \ 2 Horse 5 9 3

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Cost-Volume-Profit Analysis

Evaluating Variances From Standard Costs

Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

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