Chapter 9-Inventories Additional Valuation Issues-LO 4&5-Comput
Quiz
•
Business
•
University
•
Hard
Imran Manzoor
FREE Resource
17 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dicer uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were £130,000 (£198,000), purchases during the current year at cost (retail) were £685,000 (£1,100,000), freight-in on these purchases totaled £43,000, sales during the current year totaled £1,050,000, and net markups (markdowns) were £24,000 (£36,000). What is the ending inventory value at cost?
£153,164.
£156,165.
£157,412.
£236,000.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Boxer Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were €65,500 (€99,000), purchases during the current year at cost (retail) were €568,000 (€865,600), freight-in on these purchases totaled €26,500, sales during the current year totaled €811,000, and net markups were €69,000. What is the ending inventory value at cost?
€222,600.
€174,366.
€142,241.
€152,308.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Barker Pet Supply uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were €265,600 (€326,900), purchases during the current year at cost (retail) were €1,068,600 (€1,386,100), freight-in on these purchases totaled €63,900, sales during the current year totaled €1,302,000, and net markups (markdowns) were €2,000 (€96,300). What is the ending inventory value at cost?
€316,700.
€258,111.
€411,000.
€246,667.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year:
Cost Retail
Beginning inventory £ 30,000 £ 50,000
Purchases 145,000 200,000
Freight-in 2,500 —
Net markups — 8,500
Net markdowns — 10,000
Employee discounts — 1,000
Sales — 205,000
If the ending inventory is to be valued at the lower-of-cost-or-net realizable value, what is the cost to retail ratio?
£177,500 ÷ £250,000
£177,500 ÷ £258,500
£175,000 ÷ £260,000
£177,500 ÷ £248,500
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following data concerning the retail inventory method are taken from the financial records of Welch Company.
Cost Retail
Beginning inventory € 49,000 € 70,000
Purchases 224,000 320,000
Freight-in 6,000 —
Net markups — 20,000
Net markdowns — 14,000
Sales — 336,000
The ending inventory at retail should be
€74,000.
€60,000.
€64,000.
€42,000.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following data concerning the retail inventory method are taken from the financial records of Welch Company.
Cost Retail
Beginning inventory € 49,000 € 70,000
Purchases 224,000 320,000
Freight-in 6,000 —
Net markups — 20,000
Net markdowns — 14,000
Sales — 336,000
If the ending inventory is to be valued at approximately the lower-of-cost-or-net realizable value, the calculation of the cost to retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of
€279,000 and €410,000.
€279,000 and €396,000.
€279,000 and €390,000.
€273,000 and €390,000.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following data concerning the retail inventory method are taken from the financial records of Welch Company.
Cost Retail
Beginning inventory € 49,000 € 70,000
Purchases 224,000 320,000
Freight-in 6,000 —
Net markups — 20,000
Net markdowns — 14,000
Sales — 336,000
If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to €54,000 at retail, the business has
realized a windfall gain.
sustained a loss.
no gain or loss as there is close coincidence of the inventories.
None of these choices are correct.
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