GetHomeworkDone.comPosted in Assignment Questions
Need Help with Your Paper? Get a Customized Answer
Get a Customized Answer: Order Now.

1.

Baraboo Company uses the periodic inventory system. Sales for 2016 were $940,000 while operating expenses were $350,000. Beginning and ending inventories for 2016 were $140,000 and $120,000, respectively. Net purchases were $360,000 while freight in was $30,000.

The net income or loss for 2016 was:

Select one:
 

2.

On which financial statements would you look to find the total costs of merchandise that remains and the total that has been sold?
Select one:
 

3.

Natalie Company purchases $240,000 of inventory during the period and sells $72,000 of it for $120,000. Beginning of the period inventory was $12,000.

What is the company’s inventory balance to be reported on its balance sheet at year end?

Select one:
 

4.

Elijah records purchases at invoice price and uses the perpetual inventory system. On July 5, Elijah returned $12,000 of goods purchased on account to the seller.

How would Elijah record this transaction?

Select one:

Accounts Payable
12,000
Purchases
12,000

Accounts Receivable
12,000
Inventory
12,000

Accounts Payable
12,000
Inventory
12,000

Cash
12,000
Purchases
12,000

5.

On January 5, EGN Company purchased 11 all-terrain vehicles at a cost of $3,600 each. On February 12, they sold 8 vehicles for $4,600 per unit.

If EGN uses a perpetual inventory system, the journal entry to record the sale on February 12th would include all of the following except:

Select one:
 
6.

The weighted-average cost method is used by Garcia, Inc. Sales are $160,000, the number of units available for sale is 100, the number of units sold during the period is 75, and the weighted-average cost of the goods available for sale is $400 each.

How much is gross profit for the company?

Select one:
7.

The following amounts and costs of platters were available for sale by Corpus Christy Ceramics during 2016:
Beginning inventory
10 units at $82
First purchase
15 units at $110
Second purchase
30 units at $140
Third purchase
25 units at $130
Corpus Christy Ceramics has 35 platters on hand at the end of the year.

What is the dollar amount of inventory at the end of the year according to the weighted-average cost method?

Select one:
 
8.

The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Thurston Howell Company for an operating period.
Units
Unit Cost
Total Cost
Units Sold
Units
on Hand
Beginning Inventory
20
$116
$2,230
20
Purchase No. 1
20
124
2,480
40
Sale No. 1
30
10
Purchase No. 2
90
128
11,520
100
Sale No. 2
80
20
Purchase No. 3
70
144
10,080
___
90
Totals
200
$26,400
110
Assuming Thurston Howell Company uses weighted-average (periodic) inventory procedures, the ending inventory cost is:
Select one:
 
9.

The lower-of-cost-or-market method for inventory:
Select one:
10.Inventory Costing Methods
Which inventory costing method requires that a company keep track of the cost of each specific unit of inventory?

11.

Lower-of-Cost-or-Market Method
The McQuenny Company’s ending inventory is composed of 100 units that had an acquisition cost of $35 per unit and 50 units that had an acquisition cost of $40 per unit. If the company can replace all 150 units at a replacement cost of $37 per unit, what value should be assigned to the company’s ending inventory assuming that it applies the LCM method?

$

Need Help with Your Assignment? Let us Help you
Place Your Order

We guarantee you the following if you order your paper with us

High Quality Papers

All papers are written by ENL (US, UK, AUSTRALIA) writers with vast experience in the field. We perform a quality assessment on all orders before submitting them.

Timely Delivery

Do you have an urgent order?  We have more than enough writers who will ensure that your order is delivered on time. 

100% Original

We provide plagiarism reports for all our custom written papers. All papers are written from scratch.

24/7 Customer Support

Contact us anytime, any day, via any means if you need any help. You can use the Live Chat, email, or our provided phone number anytime.

Confidential and Secure

We will not disclose the nature of our services or any information you provide to a third party.

Stressed? We got you covered
Assignment Help Services
Money-Back Guarantee

Get your money back if your paper is not delivered on time or if your instructions are not followed.

We Guarantee the Best Grades
Assignment Help Services