Stone Company uses the LIFO method. At the end of the period there are 22 units left in inventory. Given the following, the cost of ending inventory is: \[\begin{array} { | l | l | l | } \hline \text { January } & 20 \text { units at } \$ 70 & \$ 1,400 \\ \hline \text { March } & 36 \text { units at } \$ 65 & \$ 2,340 \\ \hline \text { July } & 40 \text { units at } \$ 80 & \$ 3,200 \\ \hline \end{array}\]

A) $1,400 B) $3,200 C) $1,530 D) $3,150 E) None of these A) $1,400 B) $3,200 C) $1,530 D) $3,150 E) None of these

Exam 18: Inventory and Overhead

Jane's April 1, inventory had a cost of $48,000 and a retail value of $70,000. During April, net purchases cost $210,000 with a retail value of $390,000. Net sales at retail for Jane for April were $280,000. Calculate the cost of ending inventory using the retail inventory method.

(Short Answer)

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Question 61

Jones Co. uses the retail inventory method. Given the following data, what is the ending inventory at cost? Sales at retail $80,000, net purchases at cost $41,200, net purchases at retail $66,800, beginning inventory at cost $22,400, beginning inventory at retail $36,800. Round cost ratio to the nearest whole percent.

(Multiple Choice)

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Question 62

LIFO doesn't always match the physical flow of goods but still can be used to calculate the flow of costs.

(True/False)

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Question 63

The weighted-average method is best used:

(Multiple Choice)

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Question 64

The specific identification method might be used by companies with high-cost items.

(True/False)

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Question 65

Jane and Bill Co. started with a beginning inventory of $90,000. Ending inventory was $110,000. Cost of goods was $260,000. Complete the inventory turnover at cost for Jane and Bill Co. (to the nearest tenth).

(Short Answer)

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Question 66

The cost ratio times ending inventory at cost equals ending inventory at retail.

(True/False)

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Question 67

Complete the table: Beg Inventory Units Unit Cost Dollar Cost Jan 1 10 \ 7.00 A Apr 11 30 \ 12.00 B May 17 40 \ 13.00 C Dec 5 20 \ 15.00 D

(Short Answer)

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Question 68

Match the following terms with their definitions. -Average inventory

(Multiple Choice)

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Question 69

Complete the table, given 21 units are sold: Beg. Inventory Units Unit Cost Dollar Cost Jan 1 8 \ 6.00 A Apr 11 24 \ 11.00 B May 17 30 \ 14.00 C Dec 5 19 \ 16.00 D

(Short Answer)

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Question 70

Given a Beginning Inventory of 10 units at $7 per unit, and purchases (in order)of 30 units at $12 per unit, 40 units at $13 per unit, and 20 units at $15 per unit, calculate (ending inventory shows 20 units): LIFO FIFO Weighted-Average Cost of Ending Inventory A C E Cost of Goods Sold B D F 20 units not sold

(Short Answer)

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Question 71

Cost of goods sold equals cost of goods available for sale plus cost of ending inventory.

(True/False)

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Question 72

Calculate average inventory for the following: Beginning inventory: $123,485.23 Ending inventory: $99,173.16

(Short Answer)

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Question 73

With net sales of $40,000, beginning inventory at retail of $14,000, ending inventory at retail of $20,000, and cost of goods sold of $19,500, the inventory turnover at retail is (to the nearest hundredth):

(Multiple Choice)

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Question 74

Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400

(Short Answer)

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Question 75

Finney's MMA Gym had a total of $1,300 worth of boxing gloves on June 1. The ending inventory for the month was $524. What was the cost of goods sold for June?

(Multiple Choice)

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Question 76

Given the following: Units Unit Cost Dollar Cost Beginning Inventory Jan 1 20 \ 8.00 A May 10 15 \ 11.00 B June 30 17 \ 20.00 C Dec. 10 12 \ 21.00 D 24 units are not sold. Calculate each of the following: LIFO FIFO Weighted-Average Cost of Ending Inventory A C E Cost of Goods Sold B D F

(Short Answer)

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Question 77

Match the following terms with their definitions. -Overhead expense

(Multiple Choice)

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Question 78

Match the following terms with their definitions. -Retail method

(Multiple Choice)

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Question 79

Stone Company uses the LIFO method. At the end of the period there are 22 units left in inventory. Given the following, the cost of ending inventory is: January 20 units at \ 70 \ 1,400 March 36 units at \ 65 \ 2,340 July 40 units at \ 80 \ 3,200

(Multiple Choice)

4.9/5

(26)

Question 80

Jane's April 1, inventory had a cost of $48,000 and a retail value of $70,000. During April, net purchases cost $210,000 with a retail value of $390,000. Net sales at retail for Jane for April were $280,000. Calculate the cost of ending inventory using the retail inventory method.

LIFO doesn't always match the physical flow of goods but still can be used to calculate the flow of costs.

The weighted-average method is best used:

The specific identification method might be used by companies with high-cost items.

Jane and Bill Co. started with a beginning inventory of $90,000. Ending inventory was $110,000. Cost of goods was $260,000. Complete the inventory turnover at cost for Jane and Bill Co. (to the nearest tenth).

The cost ratio times ending inventory at cost equals ending inventory at retail.

Complete the table: Beg Inventory Units Unit Cost Dollar Cost Jan 1 10 \ 7.00 A Apr 11 30 \ 12.00 B May 17 40 \ 13.00 C Dec 5 20 \ 15.00 D

Match the following terms with their definitions. -Average inventory

Complete the table, given 21 units are sold: Beg. Inventory Units Unit Cost Dollar Cost Jan 1 8 \ 6.00 A Apr 11 24 \ 11.00 B May 17 30 \ 14.00 C Dec 5 19 \ 16.00 D

Cost of goods sold equals cost of goods available for sale plus cost of ending inventory.

Calculate average inventory for the following: Beginning inventory: $123,485.23 Ending inventory: $99,173.16

With net sales of $40,000, beginning inventory at retail of $14,000, ending inventory at retail of $20,000, and cost of goods sold of $19,500, the inventory turnover at retail is (to the nearest hundredth):

Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400

Finney's MMA Gym had a total of $1,300 worth of boxing gloves on June 1. The ending inventory for the month was $524. What was the cost of goods sold for June?

Given the following: Units Unit Cost Dollar Cost Beginning Inventory Jan 1 20 \ 8.00 A May 10 15 \ 11.00 B June 30 17 \ 20.00 C Dec. 10 12 \ 21.00 D 24 units are not sold. Calculate each of the following: LIFO FIFO Weighted-Average Cost of Ending Inventory A C E Cost of Goods Sold B D F

Match the following terms with their definitions. -Overhead expense

Match the following terms with their definitions. -Retail method

Stone Company uses the LIFO method. At the end of the period there are 22 units left in inventory. Given the following, the cost of ending inventory is: January 20 units at \ 70 \ 1,400 March 36 units at \ 65 \ 2,340 July 40 units at \ 80 \ 3,200

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