Exam 6: Reporting and Analyzing Long-Lived Assets

Carryable CDs has the following inventory data: Nov. 1 Inventory 30 units @\ 6.00 each 8 Purchase 120 units @\ 6.45 each 17 Purchase 60 units @\ 6.30 each 25 Purchase 90 units @\ 6.60 each A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand.Cost of goods sold under LIFO is

Dole Industries had the following inventory transactions occur during 2022: Units Cost'unit Feb. 1,2022 Purchase 90 \ 90 Mar. 14,2022 Purchase 155 \ 94 May 1, 2022 Purchase 110 \ 98 The company sold 255 units at $126 each and has a tax rate of 30%.Assuming that a periodic inventory system is used and operating expenses of $2500 what is the company's after-tax income using LIFO? (rounded to whole dollars)

Consigned goods are held for sale by one party although ownership of the goods is retained by another party.

Which of the following companies would most likely have the highest inventory turnover?

The balance of Allowance for Doubtful Accounts prior to making the adjustment to record Bad Debt Expense

Which inventory method generally results in costs allocated to ending inventory that will approximate their current cost?

Baker Bakery Company just began business and made the following four inventory purchases in June: June 1 150 units \ 1,040 June 10 200 units 1,560 June 15 200 units 1,680 June 28 150 units 1,320 \ 5,600 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand.Using the FIFO inventory method the amount allocated to ending inventory for June is

If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant then the

Bad Debt Expense is reported on the income statement as

Which of the following receivables would not be classified as an "other receivable"?

Inventory costing methods place primary reliance on assumptions about the flow of

A company purchased inventory as follows: 200 units at $6.00 300 units at $6.60 The average unit cost for inventory is

Redeker Company had the following records: 2022 2021 Ending inventory \ 32,650 \ 30,490 Cost of qoods sold 213,600 209,040 What is Redeker's inventory turnover for 2022? (rounded)

The selection of an appropriate inventory cost flow assumption for an individual company is made by

The direct write-off method of accounting for uncollectible accounts

If goods in transit are shipped FOB destination

Of the following companies which one would • $168,000 in inventory purchases made by Howell shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 • $111,000 in goods sold by Howell with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. • $9,000 of goods received on consignment from Westwood Company likely employ the specific identification method for inventory costing?

The allowance method of accounting for bad debts violates the expense recognization.

The factor which determines whether or not goods should be included in a physical count of inventory is

At December 31 2022 Howell Company's inventory records indicated a balance of $878000.Upon further investigation it was determined that this amount included the following: • $168,000 in inventory purchases made by Howell shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 • $111,000 in goods sold by Howell with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. • $9,000 of goods received on consignment from Westwood Company What is Howell's correct ending inventory balance at December 31 2022?