Inventories, Accounting

Question: Which of the following should not be included in the physical inventory of a company?
A
Goods held on consignment from another company.

B
Goods shipped on consignment to another company.

C
Goods in transit from another company shipped FOB shipping point.

D
None

Note: Not available
1. Report
Question: When goods are purchased for resale by a company using a periodic inventory system:
A
purchases on account are debited to Merchandise Inventory.

B
purchases on account are debited on Purchases

C
purchases returns are debited to Purchases Returns and Allowances.

D
freight costs are debited to Purchases.

Note: Not available
1. Report
Question: In determining cost of goods sold:
A
purchase discounts are deducted from net purchases.

B
freight-out is added to net purchase.

C
purchase returns and allowances are deducted from net purchases.

D
freight-in is added to net purchases.

Note: Not available
1. Report
Question: If beginning inventory is $60,000 , cost of goods purchased is $380,000 ,and ending inventory is $50,000 , cost of goods sold is:
A
$390,000 .

B
$370,000 .

C
$330,000 .

D
$420,000 .

Note: Not available
1. Report
Question: Inventoriable costs consist of two elements: beginning inventory and
A
ending inventory.

B
cost of goods purchased.

C
cost of goods sold.

D
cost of goods available for sale.

Note: Not available
1. Report
Question: Bullwinkle Company has the following:
Units Unit Cost
Inventory, Jan. 1 8,000 $11
Purchase, June 19 13,000 $12
Purchase, Nov, 8 5,000 $13
If 9,000 units are on hand at December, 31, the cost of the ending inventory under FIFO is:
A
$99,000.

B
$108,000.

C
$113,000.

D
$117,000.

Note: Not available
1. Report
Question: Using the following data, the cost of the ending inventory under LIFO is:
Units Unit Cost
Inventory, Jan. 1 8,000 $11
Purchase, June 19 13,000 $12
Purchase, Nov, 8 5,000 $13
A
$113,000.

B
$108,000.

C
$99,000.

D
$100,000.

Note: Not available
1. Report
Question: In periods of rising prices, LIFO will produce:
A
higher net income than FIFO.

B
the same net income as FIFO.

C
lower net income than FIFO.

D
higher net income than average costing.

Note: Not available
1. Report
Question: Factors that affect the selection of an inventory costing method do not include:
A
tax effects.

B
balance sheet effects.

C
income statement effects

D
perpetual vs. periodic inventory system.

Note: Not available
1. Report
Question: The lower of cost or market basis may be applied to:
A
categories of inventories.

B
individual items of inventories

C
total inventory.

D
all

Note: Not available
1. Report

	Units	Unit Cost
Inventory, Jan. 1	8,000	$11
Purchase, June 19	13,000	$12
Purchase, Nov, 8	5,000	$13

	Units	Unit Cost
Inventory, Jan. 1	8,000	$11
Purchase, June 19	13,000	$12
Purchase, Nov, 8	5,000	$13

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Question: Which of the following should not be included in the physical inventory of a company?

Question: When goods are purchased for resale by a company using a periodic inventory system:

Question: In determining cost of goods sold:

Question: If beginning inventory is $60,000 , cost of goods purchased is $380,000 ,and ending inventory is $50,000 , cost of goods sold is:

Question: Inventoriable costs consist of two elements: beginning inventory and

Question: Bullwinkle Company has the following:
Units Unit Cost
Inventory, Jan. 1 8,000 $11
Purchase, June 19 13,000 $12
Purchase, Nov, 8 5,000 $13
If 9,000 units are on hand at December, 31, the cost of the ending inventory under FIFO is:

Question: Using the following data, the cost of the ending inventory under LIFO is:
Units Unit Cost
Inventory, Jan. 1 8,000 $11
Purchase, June 19 13,000 $12
Purchase, Nov, 8 5,000 $13

Question: In periods of rising prices, LIFO will produce:

Question: Factors that affect the selection of an inventory costing method do not include:

Question: The lower of cost or market basis may be applied to:

Question: Which of the following should not be included in the physical inventory of a company?

Question: When goods are purchased for resale by a company using a periodic inventory system:

Question: In determining cost of goods sold:

Question: If beginning inventory is $60,000 , cost of goods purchased is $380,000 ,and ending inventory is $50,000 , cost of goods sold is:

Question: Inventoriable costs consist of two elements: beginning inventory and

Question: Bullwinkle Company has the following:UnitsUnit CostInventory, Jan. 18,000$11Purchase, June 1913,000$12Purchase, Nov, 85,000$13 If 9,000 units are on hand at December, 31, the cost of the ending inventory under FIFO is:

Question: Using the following data, the cost of the ending inventory under LIFO is:UnitsUnit CostInventory, Jan. 18,000$11Purchase, June 1913,000$12Purchase, Nov, 85,000$13

Question: In periods of rising prices, LIFO will produce:

Question: Factors that affect the selection of an inventory costing method do not include:

Question: The lower of cost or market basis may be applied to:

Question: Bullwinkle Company has the following:
Units Unit Cost
Inventory, Jan. 1 8,000 $11
Purchase, June 19 13,000 $12
Purchase, Nov, 8 5,000 $13
If 9,000 units are on hand at December, 31, the cost of the ending inventory under FIFO is:

Question: Using the following data, the cost of the ending inventory under LIFO is:
Units Unit Cost
Inventory, Jan. 1 8,000 $11
Purchase, June 19 13,000 $12
Purchase, Nov, 8 5,000 $13