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QUIZ 5 : TOPIC 8 [ACCOUNTING FOR INVENTORIES]

Total questions: 15

Worksheet time: 29mins

Name
Class
Date
1.

Find the ending inventory units when the company is using periodic inventory system.

(a)  

2.

Find the ending inventory cost when the company is using periodic inventory system and FIFO method.

a)

RM256

b)

RM264

c)

RM272

d)

RM280

e)

RM288

3.

Find the ending inventory cost when the company is using perpetual inventory system and FIFO method.

a)

RM256

b)

RM264

c)

RM272

d)

RM280

e)

RM288

4.

Find the cost of goods sold for the transaction on June, 21 when the company is using perpetual inventory system and FIFO method.

a)

RM1,248

b)

RM1,236

c)

RM1,254

d)

RM1,216

5.

Find the ending inventory unit as at June, 21 when the company is using periodic inventory system.

(a)  

6.

Find the ending inventory costs as at June, 21 when the company is using periodic inventory system and FIFO method.

(a)  

7.

Find the average costs for the inventory as at June, 16 when the company is using perpetual inventory system and moving-average method.

a)

RM32

b)

RM32.60

c)

RM32.64

d)

RM32.65

8.

Find the average costs per unit when the company is using periodic inventory system and weighted-average method.

a)

RM32

b)

RM33

c)

RM33.14

d)

RM33.15

e)

RM34

9.

If Ensu Magic Shop has 8,000 units on hand at December, 31, the costs of ending inventory under FIFO method is :

a)

RM88,000

b)

RM96,000

c)

RM101,000

d)

RM104,000

10.

If Ensu Magic Shop has 8,000 units on hand at December, 31, the costs of ending inventory under Weighted- Average method is :

a)

RM96,076.92

b)

RM96,040

c)

RM96,000

d)

RM95,040

11.

If Ensu Magic Shop has 8,000 units on hand at December, 31, and a selling price per unit is RM20, calculate the gross profit when the company is using FIFO method :

a)

RM139,000

b)

RM147,000

c)

RM155,000

d)

RM152,000

12.

If Ensu Magic Shop has 8,000 units on hand at December, 31, and a selling price per unit is RM20, calculate the costs of good sold when the company is using FIFO method :

a)

RM221,000

b)

RM213,000

c)

RM208,000

d)

RM205,000

13.

If Ensu Magic Shop has 8,000 units on hand at December, 31, how many units are sold :

(a)  

14.

If Ensu Magic Shop has 9,000 units on hand at December, 31, and a selling price per unit is RM22, calculate the total sales :

a)

RM198,000

b)

RM340,000

c)

RM374,000

d)

RM396,000

15.

If Ensu Magic Shop sold 13,000 units on May, 16, calculate the cost of goods sold when the company is using FIFO method :

a)

RM143,000

b)

RM148,000

c)

RM151,000

d)

RM156,000