Dobler Company uses a periodic inventory system.Details for the inventory account for the month of January 2022 are as follows: \[\begin{array} { l l r r } & \underline { \text { Units } } & \underline{\text { Per unit price }} & \underline { \text { Total } } \\ \text { Balance, } 1 / 1 / 2022 & 300 & \$ 5.00 & \$ 1,500 \\ \text { Purchase, } 1 / 15 / 2022 & 150 & 5.30 & 795 \\ \text { Purchase, } 1 / 28 / 2022 & 150 & 5.50 & 825 \end{array}\] An end of the month (1/31/2022) inventory showed that 240 units were on hand.How many units did the company sell in January 2022?

A) 90 B) 240 C) 300 D) 360 A) 90 B) 240 C) 300 D) 360

Orange-Aide Company has the following inventory data: \[\begin{array} { r l r r } \text { July } 1 & \text { Beginning inventory } & 40 \text { units at } \$ 20 & \$ 800 \\ 7 & \text { Purchases } & 140 \text { units at } \$ 21 & 2,940 \\ 22 & \text { Purchases } & 20 \text { units at } \$ 22 & 440\\&&&\$4,180 \end{array}\] A physical count of merchandise inventory on July 31 reveals that there are 50 units on hand.Using the average cost method the value of ending inventory is

A) $1070 B) $1045 c $1050 D $1100 A) $1070 B) $1045 c $1050 D $1100

Piper Pipes has the following inventory data: \[\begin{array} { r l l } \text { July } 1 & \text { Beginning inventory } & 50 \text { units at } \$ 120 \\ 5 & \text { Purchases } & 300 \text { units at } \$ 112 \\ 14 & \text { Sale } & 200 \text { units } \\ 21 & \text { Purchases } & 150 \text { units at } \$ 115 \\ 30 & \text { Sale } & 140 \text { units } \end{array}\] Assuming that a periodic inventory system is used what is the cost of goods sold on a LIFO basis?

A) $18320 B) $18370 C) $34480 D) $38530 A) $18320 B) $18370 C) $34480 D) $38530

A company just began business and made the following four inventory purchases in June: \[\begin{array} { r r r r } \text { June } & 1 & 150 \text { units } & \$ 990 \\ \text { June } & 10 & 200 \text { units } & 1,344 \\ \text { June } & 15 & 200 \text { units } & 1,368 \\ \text { June } & 28 & 150 \text { units } & 1,062 \\ & & & \$ 4,764 \end{array}\] A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand.Using the average-cost method the amount allocated to the ending inventory on June 30 is

A) $1361. B) $1416. C) $1320. D) $1344. A) $1361. B) $1416. C) $1320. D) $1344.

Exam 6: Reporting and Analyzing Long-Lived Assets

Dobler Company uses a periodic inventory system.Details for the inventory account for the month of January 2022 are as follows: Balance, 1/1/2022 300 \ 5.00 \ 1,500 Purchase, 1/15/2022 150 5.30 795 Purchase, 1/28/2022 150 5.50 825 An end of the month (1/31/2022) inventory showed that 240 units were on hand.How many units did the company sell in January 2022?

(Multiple Choice)

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Question 81

Orange-Aide Company has the following inventory data: July 1 Beginning inventory 40 units at \ 20 \ 800 7 Purchases 140 units at \ 21 2,940 22 Purchases 20 units at \ 22 440 \4 ,180 A physical count of merchandise inventory on July 31 reveals that there are 50 units on hand.Using the average cost method the value of ending inventory is

(Multiple Choice)

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Question 82

The receivable that is usually evidenced by a formal instrument of credit is a(n)

(Multiple Choice)

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Question 83

When using the allowance method year-end adjustments for bad debt expense must be made.

(True/False)

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Question 84

Raw materials inventories are the goods that a manufacturing company has completed and are ready to be sold to customers.

(True/False)

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Question 85

An aging schedule is prepared only for old accounts receivables that have been past due for more than one year.

(True/False)

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Question 86

Trade receivables occur when two companies trade or exchange notes receivables.

(True/False)

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Question 87

The net amount expected to be received in cash from receivables is termed the

(Multiple Choice)

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Question 88

An aircraft company would most likely have a

(Multiple Choice)

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Question 89

The following information was available for Bowyer Company at December 31 2022: beginning inventory $90000; ending inventory $70000; cost of goods sold $800000; and sales $1100000.Bowyer's inventory turnover in 2022 was

(Multiple Choice)

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Question 90

A manufacturer's inventory consists of raw materials work in process and finished goods.

(True/False)

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Question 91

Piper Pipes has the following inventory data: July 1 Beginning inventory 50 units at \ 120 5 Purchases 300 units at \ 112 14 Sale 200 units 21 Purchases 150 units at \ 115 30 Sale 140 units Assuming that a periodic inventory system is used what is the cost of goods sold on a LIFO basis?

(Multiple Choice)

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Question 92

Tidwell Company's goods in transit at December 31 include sales made (1) FOB destination (2) FOB shipping point And purchases made (3) FOB destination (4) FOB shipping point. Which items should be included in Tidwell's inventory at December 31?

(Multiple Choice)

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Question 93

The specific identification method of costing inventories is used when the

(Multiple Choice)

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Question 94

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

(Multiple Choice)

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Question 95

Johnson Company has a high inventory turnover that has increased over the last year.All of the following statements are true regarding this situation except Johnson Company:

(Multiple Choice)

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Question 96

When the allowance method is used the write-off of an account receivable results in an expense at the time of write-off.

(True/False)

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Question 97

Which of the following should not be included in the physical inventory of a company?

(Multiple Choice)

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Question 98

In a period of declining prices which of the following inventory methods generally results in the lowest balance sheet figure for inventory?

(Multiple Choice)

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Question 99

A company just began business and made the following four inventory purchases in June: June 1 150 units \ 990 June 10 200 units 1,344 June 15 200 units 1,368 June 28 150 units 1,062 \ 4,764 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand.Using the average-cost method the amount allocated to the ending inventory on June 30 is

(Multiple Choice)

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(42)

Question 100

The receivable that is usually evidenced by a formal instrument of credit is a(n)

When using the allowance method year-end adjustments for bad debt expense must be made.

Raw materials inventories are the goods that a manufacturing company has completed and are ready to be sold to customers.

An aging schedule is prepared only for old accounts receivables that have been past due for more than one year.

Trade receivables occur when two companies trade or exchange notes receivables.

The net amount expected to be received in cash from receivables is termed the

An aircraft company would most likely have a

The following information was available for Bowyer Company at December 31 2022: beginning inventory $90000; ending inventory $70000; cost of goods sold $800000; and sales $1100000.Bowyer's inventory turnover in 2022 was

A manufacturer's inventory consists of raw materials work in process and finished goods.

Piper Pipes has the following inventory data: July 1 Beginning inventory 50 units at \ 120 5 Purchases 300 units at \ 112 14 Sale 200 units 21 Purchases 150 units at \ 115 30 Sale 140 units Assuming that a periodic inventory system is used what is the cost of goods sold on a LIFO basis?

Tidwell Company's goods in transit at December 31 include sales made (1) FOB destination (2) FOB shipping point And purchases made (3) FOB destination (4) FOB shipping point. Which items should be included in Tidwell's inventory at December 31?

The specific identification method of costing inventories is used when the

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

Johnson Company has a high inventory turnover that has increased over the last year.All of the following statements are true regarding this situation except Johnson Company:

When the allowance method is used the write-off of an account receivable results in an expense at the time of write-off.

Which of the following should not be included in the physical inventory of a company?

In a period of declining prices which of the following inventory methods generally results in the lowest balance sheet figure for inventory?

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Fraud, Internal Control, and Cash

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

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