ACC 2 Unit 2.00

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

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

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

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

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

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

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

Front

What is the value of the ending inventory for doggy bubble bath, stock number XXJH, under the LIFO method if 250 units remained in ending inventory?

Back

$1,400

Front

What is the value of the ending inventory using the FIFO method for Todd's Turbo Repair, given that 400 units remained in ending inventory?

Back

$3,043.75

Front

What is the Cost of Goods Sold under the weighted average method for Susie's Sweets ice cream cakes, stock number J996, with 800 units remaining in ending inventory?

Back

$7,260.00