A2 2.00 - Exam Review Game

Quiz
•
Business
•
10th - 12th Grade
•
Hard
Fran Clark
Used 1+ times
FREE Resource
32 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Todd's Turbo Repair had the given beginning inventory and purchases for oil filters, stock number P125. At the end of the year, 400 units remained in ending inventory. What is the Cost of Goods Sold using the weighted average method?
$875.00
$932.50
$1,000.00
$1,005.50
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Daisy Designs needs to estimate ending inventory for interim financial statements. The following information is available: Sales, $80,500, Beginning Inventory, $40,750, Net Purchases, $27,500, Gross Profit, 47%. Based on this information, what is the estimated ending inventory using the gross profit method?
$19,152
$25,585
$42,665
$68,250
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Royal Jewelry Company needs to estimate ending inventory for interim financial statements. The beginning inventory at cost is $54,550 and at retail is $104,500, net purchases at cost are $49,500 and at retail are $95,500, and retail sales to date are $140,500. Based on this information, what is the estimated ending inventory for the Royal Jewelry Company?
$29.500
$30,940
$42,660
$44,500
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The HomeMax Company needs to estimate ending inventory for interim financial statements. The following information is available: beginning inventory at cost, $67,000, at retail, $135,000, net purchases at cost, $35,500, at retail, $70,000, retail sales to date, $135,500. Based on this information, what is the estimated ending inventory using the retail method?
$35,500
$35,000
$34,750
$27,750
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