What are the two methods discussed for estimating ending inventory?

Estimating Inventory Methods

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Business
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9th - 10th Grade
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Hard

Thomas White
FREE Resource
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13 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross profit method and retail method
FIFO and LIFO methods
Weighted average and specific identification
Direct write-off and allowance methods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a company need to estimate its inventory?
To avoid paying taxes
To increase sales
Because counting inventory is always inaccurate
Due to events like fire, theft, or flood
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the gross profit method, what percentage is assumed for cost of goods sold if the gross profit is 40%?
40%
50%
60%
70%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the beginning inventory value in the first example of the gross profit method?
$47,000
$35,000
$25,000
$90,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does changing the gross profit percentage affect the ending inventory estimate in Excel?
It does not affect the estimate
It only affects the beginning inventory
It only affects the sales value
It changes the ending inventory estimate
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the second example of the gross profit method, what is the sales value used?
$157,000
$202,000
$114,000
$133,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the gross profit percentage in the second example of the gross profit method?
34%
40%
42%
66%
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