Calculate the ending inventory using LIFO for a company that uses a perpetual inventory system,using the information given below. \[\begin{array} { | l | c | r | } \hline & \text { Units } & \text { Unit Cost } \\ \hline \text { Beginning inventory } & 100 & \$ 10 \\ \hline \text { Aug. 5 purchased } & 40 & 12 \\ \hline \text { Aug. 10 sold } & 60 & -\\ \hline \text { Aug. 15 purchased } & 70 & 13 \\ \hline \text { Aug. 25 sold } & 50 &- \\ \hline \end{array}\]

The answer of Calculate the ending inventory using LIFO for...

Salmone Company reported the following purchases and sales for its only product.Salmone uses a periodic inventory system.Determine the cost assigned to cost of goods sold using LIFO. \[\begin{array} { | c | l | l | l | } \hline \text { Date } & { \text { Activities } } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\ \hline \text { May 1}& \text { Beginning Inventory } & 150 \text { units @ } \$ 10.00 & \\ \hline 5& \text { Purchase } & 220 \text { units @ } \$ 12.00 & \\ \hline 10& \text { Sales } & & 140 \text { units @ \$20.00 } \\ \hline 15& \text { Purchase } & 100 \text { units @ } \$ 13.00 & \\ \hline 24& \text { Sales } & & 90 \text { units @ \$21.00 } \\ \hline \end{array}\]

A) $2,590 B) $2,850 C) $2,580 D) $2,860 E) $2,460 A) $2,590 B) $2,850 C) $2,580 D) $2,860 E) $2,460

Use the following information for Ephron Company to compute days' sales in inventory for Year 2. \[\begin{array} { | l | r | r | } \hline & \text { Year 2 } & \text { Year 1 } \\ \hline \text { Net sales } & \$ 547,500& \$ 572,000 \\ \hline \text { Cost of goods sold } & 348,500& 370,840 \\ \hline \text { Ending inventory } & 75,70& 81,400 \\ \hline \end{array}\]

A) 52.4 B) 82.3 C) 50.5 D) 76.8 E) 79.3 A) 52.4 B) 82.3 C) 50.5 D) 76.8 E) 79.3

Salmone Company reported the following purchases and sales of its only product.Salmone uses a perpetual inventory system.Determine the cost assigned to ending inventory using LIFO. \[\begin{array} { | c | l | l | l | } \hline \text { Date } & \text { Activities } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\ \hline & \text { Beginning } & & \\ \text { May 1 } & \text { Inventory } & 150 \text { units @ } \$ 10.00 & \\ \hline 5 &\text { Purchase } & \text { 220units @ \$12.00 } & \\ \hline 10 &\text { Sales } & & 140 \text { units @ } \$ 20.00 \\ \hline 15&\text { Purchase } & 100 \text { units @ } \$ 13.00 & \\ \hline \text { 24 } & \text { Sales } & & 90 \text { units @ } \$ 21.00 \\ \hline \end{array}\]

A) $5,440 B) $2,460 C) $2,590 D) $2,980 E) $2,860 A) $5,440 B) $2,460 C) $2,590 D) $2,980 E) $2,860

Given the following information,determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. \[\begin{array} { | l | l | l | } \hline \text { June 1 } & \text { Beginning inventory } & 15 \text { units at } \$ 20 \text { each } \\ \hline \text { June 15 } & \text { Sale of } 6 \text { units for } \$ 50 \text { each } & \\ \hline \text { June 29 } & \text { Purchase } & 8 \text { units at } \$ 25 \text { each } \\ \hline \end{array}\] The cost of the ending inventory is:

A) $200 B) $220 C) $380 D) $275 E) $300 A) $200 B) $220 C) $380 D) $275 E) $300

A company had the following purchases and sales during its first year of operations: \[\begin{array} { | l | l | l | } \hline & \text { Purchases } & \text { Sales } \\ \hline \text { January: } & 10 \text { units at } \$ 120 & 6 \text { units } \\ \hline \text { February: } & 20 \text { units at } \$ 125 & 5 \text { units } \\ \hline \text { May: } & 15 \text { units at } \$ 130 & 9 \text { units } \\ \hline \text { September: } & 12 \text { units at } \$ 135 & 8 \text { units } \\ \hline \text { November: } & 10 \text { units at } \$ 140 & 13 \text { units } \\ \hline \end{array}\] On December 31,there were 26 units remaining in ending inventory -Using the Periodic LIFO inventory valuation method,what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)

A) $8,670. B) $5,400. C) $5,470. D) $3,200. E) $5,130. A) $8,670. B) $5,400. C) $5,470. D) $3,200. E) $5,130.

Raleigh Co.has the following products in its ending inventory.Compute the lower of cost or market total for inventory applied separately to each product. \[\begin{array} { | l | l | l | l | } \hline \text { Product } & \text { Quantity } & \text { Cost per unit } & \text { Market per unit } \\ \hline \text { Jelly } & 150 & \$ 2.00 & 2.15 \\ \hline \text { Jam } & 370 & \$ 2.65 & 2.50 \\ \hline \text { Marmalade } & 260 & \$ 3.10 & 3.05 \\ \hline \end{array}\]

A) $2,040.50. B) $2,086.50. C) $2,018.00. D) $2,109.00. E) $2,053.50. A) $2,040.50. B) $2,086.50. C) $2,018.00. D) $2,109.00. E) $2,053.50.

Exam 5: Inventories and Cost of Sales

A company has beginning inventory of 15 units at a cost of $12 each on October 1.On October 5,it purchases 10 units at $13 per unit.On October 12 it purchases 20 units at $14 per unit.On October 15,it sells 30 units.Using the FIFO periodic inventory method,what is the value of the inventory at October 15 after the sale?

(Multiple Choice)

4.9/5

(27)

Question 121

Calculate the ending inventory using LIFO for a company that uses a perpetual inventory system,using the information given below. Units Unit Cost Beginning inventory 100 \ 10 Aug. 5 purchased 40 12 Aug. 10 sold 60 - Aug. 15 purchased 70 13 Aug. 25 sold 50 -

(Essay)

4.8/5

(36)

Question 122

Salmone Company reported the following purchases and sales for its only product.Salmone uses a periodic inventory system.Determine the cost assigned to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ \ 10.00 5 Purchase 220 units @ \ 12.00 10 Sales 140 units @ \2 0.00 15 Purchase 100 units @ \ 13.00 24 Sales 90 units @ \2 1.00

(Multiple Choice)

4.7/5

(38)

Question 123

Use the following information for Ephron Company to compute days' sales in inventory for Year 2. Year 2 Year 1 Net sales \ 547,500 \ 572,000 Cost of goods sold 348,500 370,840 Ending inventory 75,70 81,400

(Multiple Choice)

4.9/5

(40)

Question 124

The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the:

(Multiple Choice)

4.8/5

(37)

Question 125

Since an error in the period-end inventory causes an offsetting error in the next period:

(Multiple Choice)

4.9/5

(37)

Question 126

Match each of the following terms with the appropriate definition. -The number of times a company's average inventory is sold during a period.

(Multiple Choice)

4.9/5

(35)

Question 127

Salmone Company reported the following purchases and sales of its only product.Salmone uses a perpetual inventory system.Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail Beginning May 1 Inventory 150 units @ \ 10.00 5 Purchase 220units @ \1 2.00 10 Sales 140 units @ \ 20.00 15 Purchase 100 units @ \ 13.00 24 Sales 90 units @ \ 21.00

(Multiple Choice)

4.8/5

(30)

Question 128

Identify and describe the four inventory valuation methods.

(Essay)

4.9/5

(36)

Question 129

Giorgio had cost of goods sold of $9,421 million,ending inventory of $2,089 million,and average inventory of $1,965 million.Its inventory turnover equals:

(Multiple Choice)

4.9/5

(33)

Question 130

Given the following information,determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory 15 units at \ 20 each June 15 Sale of 6 units for \ 50 each June 29 Purchase 8 units at \ 25 each The cost of the ending inventory is:

(Multiple Choice)

4.8/5

(36)

Question 131

A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at \ 120 6 units February: 20 units at \ 125 5 units May: 15 units at \ 130 9 units September: 12 units at \ 135 8 units November: 10 units at \ 140 13 units On December 31,there were 26 units remaining in ending inventory -Using the Periodic LIFO inventory valuation method,what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)

(Multiple Choice)

4.8/5

(38)

Question 132

Match each of the following terms with the appropriate definition. -Financial statements prepared for periods of less than one year.

(Multiple Choice)

4.8/5

(36)

Question 133

A company's cost of inventory was $219,500.Due to phenomenal demand the market value of its inventory increased to $221,700.This company should record the inventory at its market value.

(True/False)

4.8/5

(34)

Question 134

Raleigh Co.has the following products in its ending inventory.Compute the lower of cost or market total for inventory applied separately to each product. Product Quantity Cost per unit Market per unit Jelly 150 \ 2.00 2.15 Jam 370 \ 2.65 2.50 Marmalade 260 \ 3.10 3.05

(Multiple Choice)

4.8/5

(33)

Question 135

A company has beginning inventory of 10 units at a cost of $10 each on February 1.On February 3,it purchases 20 units at $12 each.12 units are sold on February 5.Using the FIFO periodic inventory method,what is the cost of the 12 units that are sold?

(Multiple Choice)

4.8/5

(37)

Question 136

Describe the internal controls that must be applied when taking a physical count of inventory.

(Essay)

4.9/5

(31)

Question 137

Beckenworth had cost of goods sold of $9,421 million,ending inventory of $2,089 million,and average inventory of $1,965 million.Its days' sales in inventory equals: (Use 365 days a year.)

(Multiple Choice)

4.9/5

(44)

Question 138

The consistency concept allows a company to use different accounting methods from period to period in order to maximize profits.

(True/False)

4.8/5

(34)

Question 139

Match the following terms with the appropriate definition. -An estimate of days needed to convert the inventory available at the end of the period into receivables or cash.

(Multiple Choice)

4.8/5

(29)

Question 140

Calculate the ending inventory using LIFO for a company that uses a perpetual inventory system,using the information given below. Units Unit Cost Beginning inventory 100 \ 10 Aug. 5 purchased 40 12 Aug. 10 sold 60 - Aug. 15 purchased 70 13 Aug. 25 sold 50 -

Use the following information for Ephron Company to compute days' sales in inventory for Year 2. Year 2 Year 1 Net sales \ 547,500 \ 572,000 Cost of goods sold 348,500 370,840 Ending inventory 75,70 81,400

The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the:

Since an error in the period-end inventory causes an offsetting error in the next period:

Match each of the following terms with the appropriate definition. -The number of times a company's average inventory is sold during a period.

Identify and describe the four inventory valuation methods.

Giorgio had cost of goods sold of $9,421 million,ending inventory of $2,089 million,and average inventory of $1,965 million.Its inventory turnover equals:

Given the following information,determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory 15 units at \ 20 each June 15 Sale of 6 units for \ 50 each June 29 Purchase 8 units at \ 25 each The cost of the ending inventory is:

Match each of the following terms with the appropriate definition. -Financial statements prepared for periods of less than one year.

A company's cost of inventory was $219,500.Due to phenomenal demand the market value of its inventory increased to $221,700.This company should record the inventory at its market value.

Raleigh Co.has the following products in its ending inventory.Compute the lower of cost or market total for inventory applied separately to each product. Product Quantity Cost per unit Market per unit Jelly 150 \ 2.00 2.15 Jam 370 \ 2.65 2.50 Marmalade 260 \ 3.10 3.05

A company has beginning inventory of 10 units at a cost of $10 each on February 1.On February 3,it purchases 20 units at $12 each.12 units are sold on February 5.Using the FIFO periodic inventory method,what is the cost of the 12 units that are sold?

Describe the internal controls that must be applied when taking a physical count of inventory.

Beckenworth had cost of goods sold of $9,421 million,ending inventory of $2,089 million,and average inventory of $1,965 million.Its days' sales in inventory equals: (Use 365 days a year.)

The consistency concept allows a company to use different accounting methods from period to period in order to maximize profits.

Match the following terms with the appropriate definition. -An estimate of days needed to convert the inventory available at the end of the period into receivables or cash.

Accounting in Business

Analyzing for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Cash, fraud, and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Investments

Partnership Accounting

Filters