Question 1

The journal entry to record a return of inventory purchased on account under a periodic inventory system would be:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)    D

Question 2

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:
  Net sales are?

Accepted Answer

A)  $858,000. 
B)  $862,000. 
C)  $900,000. 
D)  $870,000. 
A)  $858,000. 
B)  $862,000. 
C)  $900,000. 
D)  $870,000. D

Question 3

Match the items below by choosing the appropriate code letter :
-Goods ready for sale to customers by retailers and wholesalers.

Accepted Answer

A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover 
A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover A

Question 4

The following information is available for Barnes Ltd for the year. Barnes Ltd uses the LIFO inventory method.

Accepted Answer

(a) Calculate invent

Question 5

Greenfields Ltd has the following account balances. The net cost of goods purchased for the period is:

Accepted Answer

A)  $37,500. 
B)  $41,000. 
C)  $36.750. 
D)  $39,250. 
A)  $37,500. 
B)  $41,000. 
C)  $36.750. 
D)  $39,250.

Question 6

Match the items below by choosing the appropriate code letter :
-Tracks the actual physical flow for each inventory item available for sale.

Accepted Answer

A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover 
A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover

Question 7

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:
  What was the cost of goods available for sale?

Accepted Answer

A)  $620,000. 
B)  $530,000. 
C)  $580,000. 
D)  $584,000. 
A)  $620,000. 
B)  $530,000. 
C)  $580,000. 
D)  $584,000.

Question 8

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:
  What was the amount for net purchases?

Accepted Answer

A)  $245,000. 
B)  $246,000. 
C)  $435,000. 
D)  $292,000. 
A)  $245,000. 
B)  $246,000. 
C)  $435,000. 
D)  $292,000.

Question 9

A company just starting business made the following four inventory purchases in June:
   A physical count of inventory on June 30 reveals that there are 250 units on hand.
-Using the LIFO inventory method, the value of the ending inventory on June 30 is:

Accepted Answer

A)  $2,835. 
B)  $1,620. 
C)  $2,580. 
D)  $1,365. 
A)  $2,835. 
B)  $1,620. 
C)  $2,580. 
D)  $1,365.

Question 10

When using the LIFO method under a perpetual inventory system, the latest units purchased before a sale are allocated to:

Accepted Answer

A)  cost of sales. 
B)  beginning inventory. 
C)  ending inventory. 
D)  average inventory. 
A)  cost of sales. 
B)  beginning inventory. 
C)  ending inventory. 
D)  average inventory.

Question 11

Which of the following statements about a periodic inventory system is true?

Accepted Answer

A)  Under the periodic inventory system purchases of inventory are typically credited to the Purchases account. 
B)  Available discounts taken by the customer for early payment of an invoice are termed discount received by the seller. 
C)  Freight-in is an account that is subtracted from the Purchases account to arrive at the net cost of goods purchased. 
D)  Under the periodic inventory system, allowances granted by the supplier to the merchandiser are credited to the Purchases returns and allowances account. 
A)  Under the periodic inventory system purchases of inventory are typically credited to the Purchases account. 
B)  Available discounts taken by the customer for early payment of an invoice are termed discount received by the seller. 
C)  Freight-in is an account that is subtracted from the Purchases account to arrive at the net cost of goods purchased. 
D)  Under the periodic inventory system, allowances granted by the supplier to the merchandiser are credited to the Purchases returns and allowances account.

Question 12

The Calendar Company Ltd entered into the following transactions during the month of June: 
   Prepare the journal entries to record the transactions assuming they use a periodic inventory system.

Accepted Answer

The answer of The Calendar Company Ltd entered into the...

Question 13

Use the following inventory information for the month of July to answer questions :
   A physical count of inventory on July 30 reveals that there are 35 units on hand.
-Using the LIFO inventory method, the amount allocated to ending inventory for July is:

Accepted Answer

A)  $680. 
B)  $720. 
C)  $1,280. 
D)  $1,320. 
A)  $680. 
B)  $720. 
C)  $1,280. 
D)  $1,320.

Question 14

Assuming the periodic inventory method is used for the current period, the following data
  Beginning inventory was $12,000 and ending inventory was $15,000. What was cost of goods purchased?

Accepted Answer

A)  $55,000. 
B)  $54,050. 
C)  $54,850. 
D)  $52,950. 
A)  $55,000. 
B)  $54,050. 
C)  $54,850. 
D)  $52,950.

Question 15

Which of the following is the same as 'net realisable value' of inventory?

Accepted Answer

A)  Gross selling price. 
B)  Proceeds of sale less all further marketing, selling and distribution costs. 
C)  Average cost. 
D)  Replacement price. 
A)  Gross selling price. 
B)  Proceeds of sale less all further marketing, selling and distribution costs. 
C)  Average cost. 
D)  Replacement price.

Question 16

The main basis for recording and reporting inventory is:

Accepted Answer

A)  cost. 
B)  gross selling price. 
C)  book value. 
D)  current replacement cost. 
A)  cost. 
B)  gross selling price. 
C)  book value. 
D)  current replacement cost.

Question 17

Use the following inventory information for the month of July to answer questions :
   A physical count of inventory on July 30 reveals that there are 35 units on hand.
-Using the FIFO inventory method, the amount allocated to ending inventory for July is:

Accepted Answer

A)  $680. 
B)  $720. 
C)  $1,280. 
D)  $1,320. 
A)  $680. 
B)  $720. 
C)  $1,280. 
D)  $1,320.

Question 18

Match the items below by choosing the appropriate code letter :
-Title to the goods transfers when the public carrier accepts the goods from the seller.

Accepted Answer

A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover 
A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover

Question 19

The following information relates to product J:
  The net realisable value (NRV) of product J is

Accepted Answer

A)  $11.10. 
B)  $12.50. 
C)  $9.50. 
D)  $13.90. 
A)  $11.10. 
B)  $12.50. 
C)  $9.50. 
D)  $13.90.

Question 20

Match the items below by choosing the appropriate code letter :
-Goods that are only partially completed in a manufacturing company.

Accepted Answer

A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover 
A)  Inventory 
B)  Work in process 
C)  FOB shipping point 
D)  FOB destination 
E)  Specific identification method
F) First-in, first-out (FIFO) method
G) Last-in, first-out (LIFO) method
H) Average cost method
I) Inventory turnover

The journal entry to record a return of inventory purchased on account under a periodic inventory system would be:

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records: Net sales are?

Match the items below by choosing the appropriate code letter : -Goods ready for sale to customers by retailers and wholesalers.

The following information is available for Barnes Ltd for the year. Barnes Ltd uses the LIFO inventory method.

Greenfields Ltd has the following account balances. The net cost of goods purchased for the period is:

Match the items below by choosing the appropriate code letter : -Tracks the actual physical flow for each inventory item available for sale.

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records: What was the cost of goods available for sale?

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records: What was the amount for net purchases?

A company just starting business made the following four inventory purchases in June: A physical count of inventory on June 30 reveals that there are 250 units on hand. -Using the LIFO inventory method, the value of the ending inventory on June 30 is:

When using the LIFO method under a perpetual inventory system, the latest units purchased before a sale are allocated to:

Which of the following statements about a periodic inventory system is true?

The Calendar Company Ltd entered into the following transactions during the month of June: Prepare the journal entries to record the transactions assuming they use a periodic inventory system.

Use the following inventory information for the month of July to answer questions : A physical count of inventory on July 30 reveals that there are 35 units on hand. -Using the LIFO inventory method, the amount allocated to ending inventory for July is:

Assuming the periodic inventory method is used for the current period, the following data Beginning inventory was $12,000 and ending inventory was $15,000. What was cost of goods purchased?

Which of the following is the same as 'net realisable value' of inventory?

The main basis for recording and reporting inventory is:

Use the following inventory information for the month of July to answer questions : A physical count of inventory on July 30 reveals that there are 35 units on hand. -Using the FIFO inventory method, the amount allocated to ending inventory for July is:

Match the items below by choosing the appropriate code letter : -Title to the goods transfers when the public carrier accepts the goods from the seller.

The following information relates to product J: The net realisable value (NRV) of product J is

Match the items below by choosing the appropriate code letter : -Goods that are only partially completed in a manufacturing company.

An Introduction to Accounting

The Recording Process

Accrual Accounting Concepts

Inventories

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Technology Concepts

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters

Exam 5: Reporting and Analysing Inventory

The journal entry to record a return of inventory purchased on account under a periodic inventory system would be:

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records: Net sales are?

Match the items below by choosing the appropriate code letter : -Goods ready for sale to customers by retailers and wholesalers.

The following information is available for Barnes Ltd for the year. Barnes Ltd uses the LIFO inventory method.

Greenfields Ltd has the following account balances. The net cost of goods purchased for the period is:

Match the items below by choosing the appropriate code letter : -Tracks the actual physical flow for each inventory item available for sale.

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records: What was the cost of goods available for sale?

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records: What was the amount for net purchases?

A company just starting business made the following four inventory purchases in June: A physical count of inventory on June 30 reveals that there are 250 units on hand. -Using the LIFO inventory method, the value of the ending inventory on June 30 is:

When using the LIFO method under a perpetual inventory system, the latest units purchased before a sale are allocated to:

Which of the following statements about a periodic inventory system is true?

The Calendar Company Ltd entered into the following transactions during the month of June: Prepare the journal entries to record the transactions assuming they use a periodic inventory system.

Use the following inventory information for the month of July to answer questions : A physical count of inventory on July 30 reveals that there are 35 units on hand. -Using the LIFO inventory method, the amount allocated to ending inventory for July is:

Assuming the periodic inventory method is used for the current period, the following data Beginning inventory was $12,000 and ending inventory was $15,000. What was cost of goods purchased?

Which of the following is the same as 'net realisable value' of inventory?

The main basis for recording and reporting inventory is:

Use the following inventory information for the month of July to answer questions : A physical count of inventory on July 30 reveals that there are 35 units on hand. -Using the FIFO inventory method, the amount allocated to ending inventory for July is:

Match the items below by choosing the appropriate code letter : -Title to the goods transfers when the public carrier accepts the goods from the seller.

The following information relates to product J: The net realisable value (NRV) of product J is

Match the items below by choosing the appropriate code letter : -Goods that are only partially completed in a manufacturing company.

An Introduction to Accounting

The Recording Process

Accrual Accounting Concepts

Inventories

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Technology Concepts

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters