WorksheetsINVENTORY TEST
Total questions: 10
Worksheet time: 4mins
In a manufacturing business, inventory that is ready for sale is called:
Raw materials
Work in process
Finished goods
Store supplies
This refers to items that the manufacturer has purchased or produced to use in manufacturing a product.
( Một thứ được mua hoặc được sản xuất để sử dụng trong quá trình tạo ra sản phẩm)
Raw material
Work in process
Finished goods
All incorrect
Bud's Place recorded the following data:
Date Units Cost
1/1 Inventory 500 per $2.40
1/8 Purchased 1,000 per $3.00
1/12 Sold 1,200
The weighted average unit cost of the inventory at January 31 is:
$2.40
$2.70
$2.80
$3.402
Cost of goods sold is calculated from the following equation:
Beginning inventory – cost of goods purchased + ending inventory
Sales – cost of goods purchased + beginning inventory – ending inventory
Sales + gross profit – ending inventory + beginning inventory
Beginning inventory + cost of goods purchased – ending inventory
A company purchased inventory as follows:
150 units at $6
350 units at $7
The average unit cost for inventory is
$6.00
$6.50
$6.70
$7.00
Pasquale has the following inventory information.
July 1 Beginning Inventory 20 units at $19
July 7 Purchases 70 units at $20
July 22 Purchases 10 units at $24
A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the average-cost method, the value of ending inventory is:
$585
$606
$630
$660
Which of the following is not an inventory:
Machines
Raw materials
Finished Product
Consumable tools
In a period of falling prices, which inventory method generally provides the lowest amount of net income?
Weighted average
Moving average
FIFO
Specific identification
The amount of any writedown of inventory to net realizabled value and all losses of inventory shall be:
Recognized as operating expense in the period the writedown or loss occurs
Recognized as other expense in the period the writedown or loss occurs
Recognized as component of cost of goods sold in the period the writedown or loss occurs
Deferred until the related inventory is sold
The company sold 10 items at the end of each month.
Assuming the FIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2022?
$1,380
$1,386
$1,410
$1,460
