A2 2.00 - Exam Review Game

A2 2.00 - Exam Review Game

10th - 12th Grade

32 Qs

quiz-placeholder

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A2 2.00 - Exam Review Game

A2 2.00 - Exam Review Game

Assessment

Quiz

Business

10th - 12th Grade

Hard

Created by

Fran Clark

Used 1+ times

FREE Resource

32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Bead Boutique offers handcrafted jewelry for sale. In the weeks prior to Mother's Day, many customers visited the store and purchased items to be delivered as gifts. If the shipments are paid for by the buyer, how will the shipments be classified?
FOB receiver
FOB shipping point
FOB destination
FOB transit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Bead Boutique offers handcrafted jewelry for sale. Included in inventory are numerous beads, clasps, and necklace strings that were purchased throughout the year from different vendors. The owner assumes that the items left in ending inventory are the first ones purchased. What type of inventory control method does the Bead Boutique use?
specific identification
weighted average
first in, first out
last in, first out

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company uses a perpetual inventory system when inventory items are sold. After the company makes the journal entry that debits Cash and credits Sales, which account is debited in the second journal entry?
Cost of Goods Sold
Purchases
Inventory
Sales

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

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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