Question 1

Wakefield Company uses a perpetual inventory system.In August,it sold 2,000 units from its LIFO-base inventory,which had originally cost $35 per unit.The replacement cost is expected to be $45 per unit.The company is planning to reduce its inventory and expects to replace only 1,500 of these units by December 31,the end of its fiscal year.The company replaced 1,500 units in November at an actual cost of $50 per unit.
-Based on the preceding information,in the entry to record the replacement of the 1,500 units in November,Cost of Goods Sold will be debited for:

Accepted Answer

A) $52,500. 
B) $22,500. 
C) $15,000. 
D) $7,500.

Question 2

An analysis of Abbey Company's operating segments provides the following information:
 
-Refer to the above information.Which of the operating segments above are reportable segments?

Accepted Answer

A) B,C,and D 
B) A,B,D,and E 
C) B,D,and E 
D) A,B,C,D,and E

Question 3

Stone Company reported $100,000,000 of revenues on its 20X8 income statement.During the year ended December 31,20X8,Stone made sales of $8,000,000 to external customers in Western Europe.In addition,Stone made sales of $10,000,000 to the U.S.government and $4,000,000 of sales to various state governments.In the footnotes to its financial statements for 20X8,in reporting enterprisewide disclosures,Stone is required to disclose:

Accepted Answer

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

Question 4

Tuttle Company discloses supplementary operating segment information for its three reportable segments.Data for 20X3 are available as follows:

Additional 20X3 expenses include indirect operating expenses of $100,000.Appropriately selected common indirect operating expenses are allocated to segments based on the ratio of each segment's sales to total sales.The 20X3 operating profit for Segment A was:

Accepted Answer

A) $150,000 
B) $180,000 
C) $200,000 
D) $250,000

Exam 13: Segment and Interim Reporting

An analysis of Abbey Company's operating segments provides the following information: -Refer to the above information.Which of the operating segments above are reportable segments?