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QUESTION

QUESTION 1 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for March:

QUESTION 1
  1. Warnerwoods Company uses a perpetual  system. It entered into the following purchase and sale transactions for March:
  2. DateActivityUnits acquired at costUnits sold at retailMarch 1  beginning inventory    100 units @ $50/unit   March 5  purchase  400 units @ $55/unit   March 9  sale   420 units @ $85/unit  March 18  purchase  120 units @ $60/unit   March 25  purchase  200 units @ $62/unit   March 29  sale   160 units @ $95/unit     TOTALS  820 units  580 units
  3. Compute the ending inventory for the month using LIFO.
  4. $31,800
  5. $32,920
  6. $14,800
  7. $50,900
  8. $13,680
  9. $32,248

2 points  

QUESTION 2
  1. Alison Inc., which uses the perpetual method and moving-average costing, shows the following  for January:
  2.   QuantityUnit 
  3. CostJanuary 1beginning inventory140  $6 January 8sale100 January 15purchase60$5January 20sale80 January 25purchase180$4.50
  4. What is the cost of goods sold for the month?
  5. $916.67
  6. $862.20
  7. $1,032
  8. $923.40
  9. $930

2 points  

QUESTION 3
  1. ClackCo, a 20X1 start-up, uses the periodic method and LIFO costing. The company purchases merchandise as follows:
  2. 20X1
  3. Units
  4. Unit 
  5. cost
  6. March
  7. 450
  8. $3.00
  9. August
  10. 650
  11. $3.50
  12. 20X2
  13. February
  14. 550
  15. $4.00
  16. October
  17. 250
  18. $5.00
  19. In 20X1, ClackCo sells 750 units. At year-end 20X2, there are 500 units on hand. ClackCo's income statement for the year ended December 31, 20X2, will show COGS of:
  20. $2,250
  21. $1,525
  22. $2,350
  23. $2,850
  24. $1,650

2 points  

QUESTION 4
  1. TuCo, which uses the periodic method and FIFO costing, makes the following purchases during the year:
  2. March  700 widgets at $7.00 eachJune  900 widgets at $8.00 eachSeptember    200 widgets at $9.00 each
  3. The company did not have a beginning inventory. If a year-end physical count shows 400 widgets on hand, TuCo's income statement will report COGS of:
  4. $3,200
  5. $11,100
  6. $3,400
  7. $10,500
  8. $2,800

2 points  

QUESTION 5
  1. MacFarland Inc.'s January 1 inventory consisted of 10 units @ $91 each. MacFarland shows the following data for 20X1:
  2. Date
  3. Purchases
  4. Sales
  5. February 2
  6. 15 units @ $106 each
  7. March 3
  8. 20 units @ $150/unit
  9. May 12
  10. 20 units @ $115 each
  11. June 22
  12.  10 units @ $119 each
  13. Sept. 13
  14. 23 units @ $150/unit
  15. If MacFarland uses the perpetual method and moving-average costing, what is the value of its ending inventory on December 31?
  16. $1,420
  17. $1,330
  18. $1,260
  19. $1,368
  20. $1,293

2 points  

QUESTION 6
  1. Under FIFO costing:
  2. Ending inventory is always the  purchased earliest.
  3. Ending inventory is always the most recently purchased items.
  4. Ending inventory may include items from the earliest and most recent purchases.

2 points  

QUESTION 7
  1. GTI Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April:
  2. DateActivityUnits acquired at costUnits sold at retailApril 1  beginning inventory    20 units @ $3,000/unit   April 5  purchase  30 units @ $3,500/unit   April 9  sale   35 units @ $12,000/unit  April 18  purchase  5 units @ $4,500/unit   April 25  purchase   10 units @ $4,800/unit    April 29  sale   25 units @ $14,000/unit   TOTALS  65 units  60 units
  3. Compute the ending inventory for the month using LIFO:
  4. $211,500
  5. $215,500
  6. $220,500
  7. $20,000
  8. $24,000
  9. $15,000

2 points  

QUESTION 8
  1. GTI Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April:
  2. DateActivityUnits acquired at costUnits sold at retailApril 1   beginning inventory      20 units @ $3,000/unit    April 5   purchase   30 units @ $3,500/unit    April 9   sale    35 units @ $12,000/unit   April 18   purchase   5 units @ $4,500/unit    April 25   purchase   10 units @ $4,800/unit    April 29   sale    25 units @ $14,000/unit    TOTALS   65 units   60 units
  3. Compute the cost of goods sold for the month using LIFO:
  4. $215,500
  5. $24,000
  6. $235,500
  7. $220,500
  8. $211,500
  9. $770,000

2 points  

QUESTION 9
  1. TDS Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April:
  2. DateActivityUnits acquired at costUnits sold at retailApril 1  beginning inventory    20 units @ $3,000/unit   April 5  purchase  30 units @ $3,500/unit   April 9  sale   35 units @ $12,000/unit  April 18    purchase  5 units @ $4,500/unit   April 25  purchase   10 units @ $4,800/unit    April 29  sale   25 units @ $14,000/unit   TOTALS  65 units  60 units
  3. Compute the cost of goods sold for the month using FIFO:
  4. $220,500
  5. $215,500
  6. $770,000
  7. $24,000
  8. $235,500
  9. $211,500

2 points  

QUESTION 10
  1. Under LIFO costing:
  2. Ending inventory may include items from the earliest and most recent purchases.
  3. Ending inventory is always the most recently purchased items.
  4. Ending inventory is always the items purchased earliest.

2 points  

QUESTION 11
  1. FiCo, which uses the periodic method and weighted-average costing, shows the following data:
  2.  UnitsUnit 
  3. CostBeginning Inventory96$2.00January 25 purchase  220   $2.25March 25 purchase  544   $2.50August 16 purchase  480   $2.80  November 26 purchase  160    $2.90
  4. If FiCo's year-end physical account shows 150 units on hand, FiCo's balance sheet as of December 31 will show ending inventory of:
  5. $385.50
  6. $373.50
  7. $313.50
  8. $58.37
  9. $435

2 points  

QUESTION 12
  1. FiCo, which uses the periodic method and weighted-average costing, shows the following data:
  2.  UnitsUnit 
  3. CostBeginning Inventory96$2.00January 25 purchase  220   $2.25March 25 purchase  544   $2.50August 16 purchase  480   $2.80  November 26 purchase  160    $2.90
  4. If FiCo's year-end physical account shows 150 units on hand, FiCo's income statement as of December 31 will show Cost of Goods Sold of:
  5. $3,541.50
  6. $3,420
  7. $3,361.50
  8. $525.33
  9. $3,469.50

2 points  

QUESTION 13
  1. Under FIFO costing:
  2. COGS reflects the cost of the most recently purchased items.
  3. COGS reflects the cost of the items purchased earliest.
  4. COGS reflects the cost of items from the earliest and most recent purchases.

2 points  

QUESTION 14
  1. Under average costing:
  2. COGS reflects the cost of items from the earliest and most recent purchases.
  3. COGS reflects the cost of the items purchased earliest.
  4. COGS reflects the cost of the most recently purchased items.

2 points  

QUESTION 15
  1. GlynnCo, a 20X1 start-up that uses the periodic method and weighted-average costing, makes the following merchandise purchases:
  2. 20X1
  3. Units
  4. Unit 
  5. cost
  6. March
  7. 400
  8. $3.00
  9. August
  10. 600
  11. $3.50
  12. 20X2
  13. February
  14. 550
  15. $4.00
  16. October
  17. 100
  18. $5.05
  19. At the end of 20X1, there are 350 units in ending inventory. If, in 20X2, GlynnCo sells 800 units, what is the 20X2 cost of goods?
  20. $3,074
  21. $3,110
  22. $3,329.23
  23. $3,088
  24. $3,620

2 points  

QUESTION 16
  1. ClickCo begins operations in 20X1 uses the periodic method and LIFO costing, and purchases merchandise as follows
  2. 20X1
  3. Units
  4. Unit 
  5. cost
  6. March
  7. 450
  8. $3.00
  9. August
  10. 650
  11. $3.50
  12. 20X2
  13. February
  14. 550
  15. $4.00
  16. October
  17. 250
  18. $5.00
  19. If ClickCo sells 850 units in 20X1 and again in 20X2, ending inventory on the 20X2 balance sheet will be:
  20. $700
  21. $0
  22. $800
  23. $600
  24. $1,000

2 points  

QUESTION 17
  1. Hyde Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for March:
  2. DateActivityUnits acquired at costUnits sold at retailMarch 1  beginning inventory    100 units @ $50/unit   March 5  purchase  400 units @ $55/unit   March 9  sale   420 units @ $85/unit  March 18  purchase  120 units @ $60/unit   March 25  purchase  200 units @ $62/unit   March 29  sale   160 units @ $95/unit     TOTALS  820 units  580 units
  3. Compute the ending inventory for the month using FIFO.
  4. $13,680
  5. $14,800
  6. $32,920
  7. $31,800
  8. $32,248
  9. $50,900

2 points  

QUESTION 18
  1. SlickCo, which uses the periodic method and FIFO costing, begins operations in 20X1 and makes the following purchases during 20X1 and 20X2:
  2. 20X1UnitsUnit 
  3. CostMarch  450    $3.00  August  650    $3.50     20X2  February  550    $4.00  October  250    $5.00  
  4. If SlickCo's 20X2 ending inventory is 400 units, then the balance sheet as of December 31, 20X2, will show ending inventory of:
  5. $1,850
  6. $1,600
  7. $1,275
  8. $1,200
  9. $1,325

2 points  

QUESTION 19
  1. Hyde Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for March:
  2. DateActivityUnits acquired at costUnits sold at retailMarch 1  beginning inventory    100 units @ $50/unit   March 5  purchase  400 units @ $55/unit   March 9  sale   420 units @ $85/unit  March 18  purchase  120 units @ $60/unit   March 25  purchase  200 units @ $62/unit   March 29  sale   160 units @ $95/unit     TOTALS  820 units  580 units
  3. Compute the cost of goods sold for the month using FIFO.
  4. $50,900
  5. $32,920
  6. $31,800
  7. $13,680
  8. $14,800
  9. $32,248

2 points  

QUESTION 20
  1. GlynnCo, a 20X1 start-up that uses the periodic method and weighted-average costing, makes the following merchandise purchases:
  2. 20X1
  3. Units
  4. Unit 
  5. cost
  6. March
  7. 400
  8. $3.00
  9. August
  10. 600
  11. $3.50
  12. 20X2
  13. February
  14. 550
  15. $4.00
  16. October
  17. 100
  18. $5.05
  19. At the end of 20X1, there are 350 units in ending inventory. If, in 20X2, GlynnCo sells 800 units, what is the 20X2 ending inventory?
  20. $777.50
  21. $772
  22. $832.31
  23. $905
  24. $768.50

2 points  

QUESTION 21
  1. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for March:
  2. DateActivityUnits acquired at costUnits sold at retailMarch 1  beginning inventory    100 units @ $50/unit   March 5  purchase  400 units @ $55/unit   March 9  sale   420 units @ $85/unit  March 18  purchase  120 units @ $60/unit   March 25  purchase  200 units @ $62/unit   March 29  sale   160 units @ $95/unit     TOTALS  820 units  580 units
  3. Compute the cost of goods sold for the month using LIFO.
  4. $32,248
  5. $50,900
  6. $13,680
  7. $31,800
  8. $32,920
  9. $14,800

2 points  

QUESTION 22
  1. SlickCo, which uses the periodic method and FIFO costing, begins operations in 20X1 and makes the following purchases during 20X1 and 20X2:
  2. 20X1UnitsUnit 
  3. CostMarch  450    $3.00  August  650    $3.50     20X2  February  550    $4.00  October  250    $5.00  
  4. If SlickCo sells 900 units in 20X1 and again in 20X2, the COGS for 20X2 will be:
  5. $2,925
  6. $3,450
  7. $3,800
  8. $3,650
  9. $2,975

2 points  

QUESTION 23
  1. TuCo, which uses the periodic method and FIFO costing, makes the following purchases during the year:
  2. March  700 widgets at $7.00 eachJune  900 widgets at $8.00 eachSeptember    200 widgets at $9.00 each
  3. The company did not have a beginning inventory. If a year-end physical count shows 400 widgets on hand, TuCo's balance sheet will report inventory of:
  4. $3,400
  5. $11,100
  6. $10,500
  7. $2,800
  8. $3,200

2 points  

QUESTION 24
  1. Under average costing:
  2. Ending inventory is always the most recently purchased items.
  3. Ending inventory is always the items purchased earliest.
  4. Ending inventory may include items from the earliest and most recent purchases.

2 points  

QUESTION 25
  1. MacFarland Inc.'s January 1 inventory consisted of 10 units @ $91 each. MacFarland shows the following data for 20X1:
  2. Date
  3. Purchases
  4. Sales
  5. February 2
  6. 15 units @ $106 each
  7. March 3
  8. 20 units @ $150/unit
  9. May 12
  10. 20 units @ $115 each
  11. June 22
  12.  10 units @ $119 each
  13. Sept. 13
  14. 23 units @ $150/unit
  15. If MacFarland uses the perpetual method and moving-average costing, what is the value of its Cost of Goods Sold for the year?
  16. $4,519.17
  17. $4,765.83
  18. $4,661
  19. $4,765.69
  20. $4,622

2 points  

QUESTION 26
  1. TDS Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April:
  2. DateActivityUnits acquired at costUnits sold at retailApril 1  beginning inventory    20 units @ $3,000/unit   April 5  purchase  30 units @ $3,500/unit   April 9  sale   35 units @ $12,000/unit  April 18    purchase  5 units @ $4,500/unit   April 25  purchase   10 units @ $4,800/unit    April 29  sale   25 units @ $14,000/unit   TOTALS  65 units  60 units
  3. Compute the ending inventory for the month using FIFO:
  4. $20,000
  5. $220,500
  6. $211,500
  7. $15,000
  8. $24,000
  9. $215,500

2 points  

QUESTION 27
  1. ClickCo begins operations in 20X1 uses the periodic method and LIFO costing, and purchases merchandise as follows
  2. 20X1
  3. Units
  4. Unit 
  5. cost
  6. March
  7. 450
  8. $3.00
  9. August
  10. 650
  11. $3.50
  12. 20X2
  13. February
  14. 550
  15. $4.00
  16. October
  17. 250
  18. $5.00
  19. If ClickCo sells 850 units in 20X1 and again in 20X2, cost of goods sold on the 20X2 income statement will be:
  20. $3,200
  21. $3,400
  22. $3,800
  23. $3,600
  24. $3,625

2 points  

QUESTION 28
  1. Alison Inc., which uses the perpetual method and moving-average costing, shows the following activity for January:
  2.   QuantityUnit 
  3. CostJanuary 1beginning inventory140   $6 January 8sale100 January 15purchase60$5January 20sale80 January 25purchase180$4.50
  4. What is the value of the ending inventory for the month?
  5. $1,026
  6. $918
  7. $900
  8. $1,033.33
  9. $1,123.80

2 points  

QUESTION 29
  1. Under LIFO costing:
  2. COGS reflects the cost of the items purchased earliest.
  3. COGS reflects the cost of the most recently purchased items.
  4. COGS reflects the cost of items from the earliest and most recent purchases.

2 points  

QUESTION 30
  1. ClackCo, a 20X1 start-up, uses the periodic method and LIFO costing. The company purchases merchandise as follows:
  2. 20X1
  3. Units
  4. Unit 
  5. cost
  6. March
  7. 450
  8. $3.00
  9. August
  10. 650
  11. $3.50
  12. 20X2
  13. February
  14. 550
  15. $4.00
  16. October
  17. 250
  18. $5.00
  19. In 20X1, ClackCo sells 750 units. At year-end 20X2, there are 500 units on hand. ClackCo's balance sheet as of December 31, 20X2, will show ending inventory of:
  20. $1,525
  21. $2,350
  22. $1,650
  23. $2,250
  24. $2,850
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