Recent Question

The moving-average cost flow assumption for a perpetual inventory system True or false a1. In all cases when average-costing is used, the cost of goods sold would be the same whether a perpetual or periodic system is used. a2. The moving-average cost flow assumption for a perpetual inventory system and the average-cost cost flow assumption for a periodic inventory system will allocate the same amounts to ending inventory and cost of goo ...

Other / Other 02 Apr 2016

A company just starting business made the following four inventory 1. Colletti Company recorded the following data: Units Unit Date Received Sold On Hand Cost 1/1 Inventory 600 $2.00 1/8 Purchased 900 1,500 2.20 1/12 Sold 1,200 300 The weighted average unit cost of the inventory at January 31 is: a. $2.00. b. $2.10. c. $2.12. d. $2.20. 2. Beginning inventory plus the cost of goods ...

Other / Other 02 Apr 2016

Holliday Company's inventory records 1. Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2011 are as follows: Units Per unit price Total Balance, 1/1/11 300 $5.00 $1,500 Purchase, 1/15/11 150 5.30 795 Purchase, 1/28/11 150 5.50 825 An end of the month (1/31/11) inventory showed that 180 units were on hand. If the company uses FIFO, what is the value of the ending inventory ...

Other / Other 02 Apr 2016

What amount will be reported for inventory on Boson's statement 1. For the current month, the beginning inventory of Elipresse Inc. consisted of 3 units that cost CHF6,500 each. During the month, the company made two purchases: 4 units at CHF6,800 each and 1 units at CHF6,750. Elipresse sold 5 units during the month. If Elipresse uses specific identification and wishes to maximize net income, the units costs allocated to cost of goods sol ...

Other / Other 02 Apr 2016

The inventory reported on Lazzard Company’s statement 1. If beginning inventory is understated by $10,000, the effect of this error in the current period is Cost of Goods Sold Net Income a. Understated Understated b. Overstated Overstated c. Understated Overstated d. Overstated Understated 2. A company uses the periodic inventory method and the beginning inventory is overstated by $4,000 because the ending inventory in t ...

Other / Other 02 Apr 2016

A major advantage of LIFO is that the inventory True or false a1. A major advantage of LIFO is that the inventory reported on the statement of financial position will approximate current cost. a2. The LIFO cost flow assumption can also be called the LISH assumption. 3. Finished goods are a classification of inventory for a manufacturer that are completed and ready for sale. 4. Under the FIFO method, the costs of the earliest units ...

Other / Other 02 Apr 2016

Goods that have been purchased FOB destination True or false 1. Transactions that affect inventories on hand have an effect on both the statement of financial position and the income statement. 2. The more inventory a company has in stock, the greater the company's profit. 3. Raw materials inventories are the goods that a manufacturer has completed and are ready to be sold to customers. 4. Goods that have been purchased FOB de ...

Other / Other 02 Apr 2016

Lee Industries had the following inventory transactions 1. Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ €6.00 8 Purchase 60 units @ €6.45 17 Purchase 30 units @ €6.30 25 Purchase 45 units @ €6.60 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is ...

Other / Other 02 Apr 2016

The cost of goods available for sale is allocated 1. A company just starting business made the following four inventory purchases in June: June 1 150 units ¥ 5,200 June 10 200 units 7,800 June 15 200 units 8,400 June 28 150 units 6,600 ¥28,000 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. The inventory method which results in the highest gross profit for June is a ...

Other / Other 02 Apr 2016

Items not yet placed into production 1. Inventories affect a. only the statement of financial position. b. only the income statement. c. both the statement of financial position and the income statement. d. neither the statement of financial position nor the income statement. 2. Merchandise inventory is a. reported under the classification of Property, Plant, and Equipment on the statement of financial position. b. often reported as ...

Other / Other 02 Apr 2016