Respostes test 6 PDF

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Redeker Company had the following records:

2015

2014

2013

Ending inventory

$ 34,580

$ 27,650

$ 30,490

Cost of goods sold

182,000

178,000

174,200

What is Redeker’s average days in inventory for 2015? (rounded) Trieu-ne una: a. 21,47 days b. 61.76 days c. 62.39 days d. 64.95 days Retroacció Your answer is incorrect. La resposta correcta és: 62.39 days Pregunta 2 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta The following information was available for Camara Company at December 31, 2015: beginning inventory $ 80,000; ending inventory $ 120,000; cost of goods sold $ 840,000; and sales $ 1,200,000. Camara’s days in inventory in 2015 was Trieu-ne una: a. 36.5 days. b. 52.1 days. c. 30.4 days. d. 43.5 days. Retroacció La resposta correcta és: 43.5 days. Pregunta 3 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Barnett Company had the following records:

2015

2014

2013

Ending inventory

$ 34,580

$ 27,650

$ 30,490

Cost of goods sold

273,000

255,250

261,300

What is Barnett’s inventory turnover ratio for 2014? (rounded)

Trieu-ne una: a. 8.9 times b. 9.0 times c. 4.4 times d. 8.8 times Retroacció Your answer is incorrect. La resposta correcta és: 8.8 times Pregunta 4 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Which of the following is not a common cost flow assumption used in costing inventory? Trieu-ne una: a. First-in, first-out b. Middle-in, first-out c. Last-in, first-out d. Average cost Retroacció La resposta correcta és: Middle-in, first-out Pregunta 5 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2015 are as follows: Units price

Per unit Total

Balance, 1/1/2015 1,000

200

$ 5.00

Purchase, 1/15/2015 530

100

5.30

Purchase, 1/28/2015 550

100

5.50

$

An end of the month (1/31/2015) inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory? Trieu-ne una: a. $ 737 b. $ 1,380 c. $ 762 d. $ 700 Retroacció

Your answer is incorrect. La resposta correcta és: $ 700 Pregunta 6 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta The following information was available for Bowyer Company at December 31, 2015: beginning inventory $ 90,000; ending inventory $ 70,000; cost of goods sold $ 660,000; and sales $ 900,000. Bowyer’s days in inventory in 2015 was Trieu-ne una: a. 44.0 days. b. 60.8 days. c. 50.0 days. d. 38.8 days. Retroacció La resposta correcta és: 44.0 days. Pregunta 7 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta The specific identification method of costing inventories is used when the Trieu-ne una: a. company sells a limited quantity of high-unit cost items. b. company sells large quantities of relatively low cost homogeneous items. c. company sells large quantities of relatively low cost heterogeneous items. d. physical flow of units cannot be determined. Retroacció La resposta correcta és: company sells a limited quantity of high-unit cost items. Pregunta 8 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta An assumption about cost flow is necessary Trieu-ne una: a. because it is required by the income tax regulation. b. because prices usually change, and tracking which units have been sold is difficult. c. even when there is no change in the purchase price on inventory. d. only when the flow of goods cannot be determined. Retroacció La resposta correcta és: because prices usually change, and tracking which units have been sold is difficult. Pregunta 9 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta

An overstatement of the beginning inventory results in Trieu-ne una: a. a need to adjust purchases. b. an overstatement of net income. c. an understatement of net income. d. no effect on the period’s net income. Retroacció La resposta correcta és: an understatement of net income. Pregunta 10 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Radical Radials Company has the following inventory data: July 1

Beginning inventory

20 units at $ 19

$ 380

7

Purchases

70 units at $ 20

1,400

22

Purchases

10 units at $ 22

220 $ 2,000

A physical count of merchandise inventory on July 30 reveals that there are 40 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is Trieu-ne una: a. $ 760 b. $ 813 c. $ 780 d. $ 800 Retroacció Your answer is incorrect. La resposta correcta és: $ 780 Pregunta 11 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Piper Pipes has the following inventory data:

July 1 5

Beginning inventory

20 units at $ 120

Purchases

120 units at $ 112

14

Sale

80 units

21

Purchases

30

Sale

60 units at $ 115 56 units

Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis.

Trieu-ne una: a. $ 7,348 b. $ 7,328 c. $ 15,412 d. $ 15,392 Retroacció Your answer is incorrect. La resposta correcta és: $ 15,412 Pregunta 12 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Use the following information for Boxter, Inc., Clifford Company, Danforth Industries, and Evans Services to answer the question “Using the LIFO adjustment, which company shows the greatest improvement in its current ratio from 2014 to 2015?”

(amounts in $ millions)

Boxter

Clifford

Danforth

Evans

Inventory Method for 2014 & 2015

LIFO

FIFO

LIFO

FIFO

2014 Ending inventory assuming LIFO

$ 324

N/A

$ 225

N/A

2014 Ending inventory assuming FIFO

$ 427

$ 535

$ 310

$ 663

2015 Ending inventory assuming LIFO

$ 436

N/A

$ 167

N/A

2015 Ending inventory assuming FIFO

$ 578

$ 612

$ 209

$ 542

$ 1,677

$ 2,031

$ 1,308

$ 2,748

$ 987

$ 1,209

$ 545

$ 1,200

$ 2,225

$ 2,605

$ 1,100

$ 2,390

2015 Current liabilities

$ 1,306

$ 1,410

$ 465

$ 1,000

2015 Cost of goods sold

$ 4,678

$ 5,042

$ 3,000

$ 7,000

2014 Current assets (reported on balance sheet) 2014 Current liabilities 2015 Current assets (reported on balance sheet)

Trieu-ne una: a. Boxter b. Evans c. Danforth d. Clifford Retroacció Your answer is incorrect. La resposta correcta és: Clifford Pregunta

13

No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the Trieu-ne una: a. cost of goods purchased during the year will be identical. b. ending inventory of the companies will be identical. c. net income of the companies will be identical. d. cost of goods sold of the companies will be identical. Retroacció La resposta correcta és: cost of goods purchased during the year will be identical. Pregunta 14 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Which of these would cause the inventory turnover ratio to increase the most? Trieu-ne una: a. Increasing the amount of inventory on hand. b. Keeping the amount of inventory on hand constant but increasing sales. c. Keeping the amount of inventory on hand constant but decreasing sales. d. Decreasing the amount of inventory on hand and increasing sales. Retroacció La resposta correcta és: Decreasing the amount of inventory on hand and increasing sales. Pregunta 15 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Which statement is false? Trieu-ne una: a. An inventory count is generally more accurate when goods are not being sold or received during the counting. b. No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period. c. Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand. d. Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period. Retroacció La resposta correcta és: Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period. Pregunta 16 No s'ha respost

Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Bonkers Bananas has the following inventory data: July 1

Beginning inventory

20 units at $ 20

$

400

7

Purchases

70 units at $ 21

1,470

22

Purchases

10 units at $ 22

220 $ 2,090

A physical count of merchandise inventory on July 30 reveals that there are 30 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is Trieu-ne una: a. $ 600 b. $ 610 c. $ 630 d. $ 660 Retroacció Your answer is incorrect. Les respostes correctes són: $ 610, $ 600 Pregunta 17 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Barnett Company had the following records:

2015

2014

2013

Ending inventory

$ 34,580

$ 27,650

$ 30,490

Cost of goods sold

273,000

255,250

261,300

What is Barnett’s average days in inventory for 2014? (rounded) Trieu-ne una: a. 83.0 days b. 40.6 days c. 41.5 days d. 41.0 days Retroacció Your answer is incorrect. La resposta correcta és: 41.5 days Pregunta 18 No s'ha respost

Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta An overstatement of ending inventory in one period results in Trieu-ne una: a. an understatement of net income of the next period. b. no effect on net income of the next period. c. an overstatement of net income of the next period. d. an overstatement of the ending inventory of the next period. Retroacció La resposta correcta és: an understatement of net income of the next period. Pregunta 19 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Use the following information regarding Black Company and Red Company to answer the question “Which of the following is Black Company's "cost of goods sold" for 2014 (to the closest dollar)?”

Year Black Company

Red Company

Inventory Turnover Ratio

2013 10.7

$ 29,890

2015

10.2

$ 30,100

2013

$ 25,860

2014

8.8

$ 24,750

2015

9.5

$ 22,530

Your answer is incorrect. La resposta correcta és: $ 300,830

Text de la pregunta

$ 26,340

2014

Trieu-ne una: a. $ 319,823 b. $ 320,946 c. $ 300,830 d. $ 281,838 Retroacció

Pregunta 20 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Ending Inventory

In periods of rising prices, which is an advantage of using the LIFO inventory costing method? Trieu-ne una: a. Cost of goods sold will include latest (most recent) costs and thus will be more realistic. b. Phantom profits are reported. c. Ending inventory will include latest (most recent) costs and thus be more realistic. d. Net income will be the highest and thus reflect the prosperity of the company. Retroacció La resposta correcta és: Cost of goods sold will include latest (most recent) costs and thus will be more realistic. Pregunta 21 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta A low number of days in inventory may indicate all of the following except Trieu-ne una: a. The company has fewer funds tied up in inventory. b. Management has achieved the best balance between too much and too little inventory levels. c. There is less chance of having obsolete inventory items. d. Sales opportunities may be lost because of inventory shortages. Retroacció La resposta correcta és: Sales opportunities may be lost because of inventory shortages. Pregunta 22 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta The following information was available for Camara Company at December 31, 2015: beginning inventory $ 80,000; ending inventory $ 120,000; cost of goods sold $ 840,000; and sales $ 1,200,000. Camara’s inventory turnover ratio in 2015 was Trieu-ne una: a. 8.4 times. b. 7.0 times. c. 12.0 times. d. 10.0 times. Retroacció La resposta correcta és: 8.4 times. Pregunta 23 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Dole Industries had the following inventory transactions occur during 2015:

Units

Cost/unit

Feb. 1, 2015

Purchase

54

$ 90

Mar. 14, 2015

Purchase

93

$ 94

May 1, 2015

Purchase

66

$ 98

The company sold 153 units at $ 126 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO? (rounded to whole dollars) Trieu-ne una: a. $ 14,190 b. $ 5,088 c. $ 14,646 d. $ 4,632 Retroacció Your answer is incorrect. La resposta correcta és: $ 5,088 Pregunta 24 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Quark Inc. just began business and made the following four inventory purchases in June: June

1

150 units

$ 825

June 10

200 units

1,120

June 15

200 units

1,140

June 28

150 units

885 $ 3,970

A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

Trieu-ne una: a. $ 1,425 b. $ 1,455 c. $ 1,385 d. $ 1,475 Retroacció Your answer is incorrect. La resposta correcta és: $ 1,455 Pregunta 25 No s'ha respost

Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta The specific identification method of inventory costing Trieu-ne una: a. always maximizes a company's net income. b. has no effect on a company's net income. c. always minimizes a company's net income. d. may enable management to manipulate net income. Retroacció La resposta correcta és: may enable management to manipulate net income. Pregunta 26 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Clear Clarinets has the following inventory data: July 1

Beginning inventory

5

20 units at $ 120

Purchases

120 units at $ 112

14

Sale

80 units

21

Purchases

30

Sale

60 units at $ 115 56 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis.

Trieu-ne una: a. $ 15,392 b. $ 7,348 c. $ 7,328 d. $ 15,412 Retroacció Your answer is incorrect. La resposta correcta és: $ 7,348 Pregunta 27 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta A company just began business and made the following four inventory purchases in June: June

1

150 units

$ 825

June 10

200 units

1,120

June 15

200 units

1,140

June 28

150 units

885 $ 3,970

A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the average cost method, the amount allocated to the ending inventory on June 30 is Trieu-ne una: a. $ 1,425 b. $ 1,418 c. $ 1,400 d. $ 1,475 Retroacció Your answer is incorrect. La resposta correcta és: $ 1,418 Pregunta 28 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta At December 31, 2015 Mohling Company’s inventory records indicated a balance of $ 652,000. Upon further investigation it was determined that this amount included the following:







$ 112,000 in inventory purchases made by Mohling shipped from the seller 12/27/12 terms FOB destination, but not due to be received until January 2nd $ 74,000 in goods sold by Mohling with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6 th. $ 6,000 of goods received on consignment from Dollywood Company

What is Mohling’s correct ending inventory balance at December 31, 2015? Trieu-ne una: a. $ 534,000 b. $ 646,000 c. $ 540,000 d. $ 460,000 Retroacció Your answer is incorrect. La resposta correcta és: $ 534,000 Pregunta 29 No s'ha respost Puntuat sobre 1,00

Marca la pregunta

Text de la pregunta Carryable CDs has the following inventory data:

Nov. 1

Inventory

30 units @ $ 8.00 each

8

Purchase

120 units @ $ 8.60 each

17

Purchase

60 units @ $ 8.40 each

25

Purchase

90 units @ $ 8.80 each

A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 30 units from each of the three purchases and 10 units from the November 1 inventory, cost of goods sold is

Trieu-ne una: a. $ 854 b. $ 1,672 c. $ 1,708 d. $ 1,714 Retroacció Your answer is incorrect. La resposta correcta és: $ 1,714 Pregunta 30 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Given equal circumstances, which inventory method would probably be the most time consuming? Trieu-ne una: a. Specific identification. b. LIFO c. Average cost d. FIFO Retroacció La resposta correcta és: Specific identification. Pregunta 31 No s'ha respost Puntuat sobre 1,00 Marca la pregunta

Text de la pregunta Snug-As-A-Bug Blankets has the following inventory data: July 1 90

Beginning inventory

15 units at $

5

Purchases

90 units at $

14

Sale

60 units<...