
ACC 2 Unit 2.00
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
Drive 'n Go Motors sells used cars. Inventory is continuously updated as vehicles are purchased and sold. What type of inventory control system does Drive 'n Go use?
Back
perpetual
2.
FLASHCARD QUESTION
Front
In order to reflect a more conservative valuation of ending inventory, which method will Hometown Hardware most likely use? Options: last in, first out, first in, first out, weighted average, lower of cost or market
Back
lower of cost or market
3.
FLASHCARD QUESTION
Front
How will the shipment of oak wood be classified if the company selling it pays for the transportation charges? Options: FOB department store, FOB shipping point, FOB destination, FOB transit
Back
FOB destination
4.
FLASHCARD QUESTION
Front
What is the value of the ending inventory using the weighted average method for Todd's Turbo Repair, given that 400 units remained in ending inventory?
Back
$2,985.71
5.
FLASHCARD QUESTION
Front
What is the Cost of Goods Sold using the LIFO method for Todd's Turbo Repair with 400 units remaining in ending inventory?
Back
$1,000.00
6.
FLASHCARD QUESTION
Front
What is the value of the ending inventory using the FIFO method for Wayne's Well Drilling, given that 700 units remained in ending inventory?
Back
$7,300.00
7.
FLASHCARD QUESTION
Front
Based on the information provided, what is the amount of ending inventory using the lower of cost or market computed under the weighted average method?
Back
$704.25
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