Question 1

Required: Compute the January 31 ending inventory and cost of goods sold for January,assuming Random Creations uses LIFO and perpetual inventory system.

Accepted Answer

The answer of Required: Compute the January 31 ending inventory...

Question 2

Purchases equal the invoice amount:

Accepted Answer

A) Plus freight-in,plus discounts lost. 
B) Less purchase returns,plus purchase allowances. 
C) Plus freight-in,less purchase discounts. 
D) Plus discounts,less purchase returns. 
A) Plus freight-in,plus discounts lost. 
B) Less purchase returns,plus purchase allowances. 
C) Plus freight-in,less purchase discounts. 
D) Plus discounts,less purchase returns.

Question 3

Listed below are 5 terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the correct term.

Accepted Answer

The answer of Listed below are 5 terms followed by...

Question 4

Compared to dollar-value LIFO,unit LIFO is:

Accepted Answer

A) Less costly to implement. 
B) Less susceptible to LIFO liquidation. 
C) More costly to implement. 
D) More concerned with cost indexes. 
A) Less costly to implement. 
B) Less susceptible to LIFO liquidation. 
C) More costly to implement. 
D) More concerned with cost indexes.

Question 5

Required: Compute the January 31 ending inventory and cost of goods sold for January,assuming Denver uses average cost and a periodic inventory system.

Accepted Answer

Periodic Average Cos

Question 6

What is ending inventory assuming Northwest uses the gross method to record purchases?

Accepted Answer

A) $112,490. 
B) $112,550. 
C) $116,500. 
D) $120,300. 
A) $112,490. 
B) $112,550. 
C) $116,500. 
D) $120,300.

Question 7

LIFO periodic and LIFO perpetual always produce the same dollar amounts for ending inventory.

Accepted Answer

A) True 
 B)False

Question 8

Listed below are 10 terms,followed by a list of phrases that describe or characterize
the terms.Match each phrase with the number for the correct term.

Accepted Answer

The answer of Listed below are 10 terms,followed by a...

Question 9

The table below contains selected financial information from recent financial statements of KBI Toys and Little Tikes Adventure Toys,Inc. ,two toy manufacturing companies ($ in thousands):   
Required:
Calculate the 2016 gross profit ratio,inventory turnover ratio,and the average days in inventory for the two companies (rounded).

Accepted Answer

The answer of The table below contains selected financial information...

Required: Compute the January 31 ending inventory and cost of goods sold for January,assuming Random Creations uses LIFO and perpetual inventory system.

Purchases equal the invoice amount:

Listed below are 5 terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the correct term.

Compared to dollar-value LIFO,unit LIFO is:

Required: Compute the January 31 ending inventory and cost of goods sold for January,assuming Denver uses average cost and a periodic inventory system.

What is ending inventory assuming Northwest uses the gross method to record purchases?

LIFO periodic and LIFO perpetual always produce the same dollar amounts for ending inventory.

Listed below are 10 terms,followed by a list of phrases that describe or characterize the terms.Match each phrase with the number for the correct term.

Environment and Theoretical Structure of Financial Accounting

Review of the Accounting Process

The Balance Sheet and Financial Disclosures

The Income Statement, comprehensive Income, and the Statement of Cash Flows

Income Measurement

Time Value of Money Concepts

Cash and Receivables

Inventories: Additional Issues

Property, plant, and Equipment and Intangible Assets: Acquisition and Disposition

Property, plant, and Equipment and Intangible Assets: Utilization and Impairment

Investments

Current Liabilities and Contingencies

Bonds and Long-Term Notes

Leases

Accounting for Income Taxes

Pensions and Other Postretirement Benefits

Shareholders Equity

Share-Based Compensation and Earnings Per Share

Accounting Changes

The Statement of Cash Flows

Filters

Exam 8: Inventories: Measurement

Required: Compute the January 31 ending inventory and cost of goods sold for January,assuming Random Creations uses LIFO and perpetual inventory system.

Purchases equal the invoice amount:

Listed below are 5 terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the correct term.

Compared to dollar-value LIFO,unit LIFO is:

Required: Compute the January 31 ending inventory and cost of goods sold for January,assuming Denver uses average cost and a periodic inventory system.

What is ending inventory assuming Northwest uses the gross method to record purchases?

LIFO periodic and LIFO perpetual always produce the same dollar amounts for ending inventory.

Listed below are 10 terms,followed by a list of phrases that describe or characterize the terms.Match each phrase with the number for the correct term.

Environment and Theoretical Structure of Financial Accounting

Review of the Accounting Process

The Balance Sheet and Financial Disclosures

The Income Statement, comprehensive Income, and the Statement of Cash Flows

Income Measurement

Time Value of Money Concepts

Cash and Receivables

Inventories: Additional Issues

Property, plant, and Equipment and Intangible Assets: Acquisition and Disposition

Property, plant, and Equipment and Intangible Assets: Utilization and Impairment

Investments

Current Liabilities and Contingencies

Bonds and Long-Term Notes

Leases

Accounting for Income Taxes

Pensions and Other Postretirement Benefits

Shareholders Equity

Share-Based Compensation and Earnings Per Share

Accounting Changes

The Statement of Cash Flows

Filters