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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=241 A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold?

a. $120.

b. $124.

c. $128.

d. $130

e. $140.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=243 A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $21 each. On November 6 it purchased 15 units at $25 each. On November 8, it sold 20 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 20 units sold?

a. $395

b. $480

c. $375

d. $510

e. $520.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=245 The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the:

a. Weighted average inventory method.

b. First-in, first-out method.

c. Last-in, first-out method.

d. Specific identification method.

e. Retail inventory method.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=246 Which statement is true?

a. The cost of an inventory item includes its invoice cost plus any discount, and plus any added costs necessary to put it in a place and condition for sale.

b. The cost of an inventory item includes its invoice cost plus any discount, and minus any added costs necessary to put it in a place and condition for sale.

c. The cost of an inventory item includes its invoice cost minus any discount, and minus any added costs necessary to put it in a place and condition for sale.

d. The cost of an inventory item includes its invoice cost minus any discount

e. The cost of an inventory item includes its invoice cost minus any discount, and plus any added costs necessary to put it in a place and condition for sale.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=247 A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?

a. $395

b. $410.

c. $450.

d. $510.

e. $520.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=248 Acme-Jones Company uses a weighted-average perpetual inventory system.August 2, 8 units were purchased at $12 per unit.August 18, 15 units were purchased at $14 per unit.August 29, 20 units were sold.August 31, 10 units were purchased at $16 per unit.What is the per-unit value of ending inventory on August 31?

a. $12.00.

b. $13.30.

c. $15.38.

d. $16.00

e. $17.74.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=249 Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.June, 1: Beginning inventory 15 units at $20 eachJune, 15: Sale of 6 units at $50June, 29: Purchased of 8 units at $25The cost of goods sold is :

a. $200.

b. $220

.c. $120

d. $275

e. $300

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