Finance And Accounting

Question: Which of the following terms sometimes denotes the realized holding gain on inventory?
A
COGS

B
FIFO

C
LIFO

D
Inventory profit

Note: Answer not sure
1. Report
Question: At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000. What amount should XYZ report as Cost of Goods Sold for the year?
A
$714,000

B
$582,000

C
$678,000

D
$642,000

Note: Answer not sure
1. Report
Question: Under which of the following cost flow assumptions does the income statement report out-of-date cost of goods sold?
A
FIFO method

B
LIFO method

C
Weighted average method

D
Replacement cost method

Note: Answer not sure
1. Report
Question: Conventionally, accountants refer to the difference between sales and cost of goods sold as the _______.
A
operating margin

B
realized holding gain

C
unrealized holding gain

D
gross margin

Note: Answer not sure
1. Report
Question: The term "inventory turnover" refers to _________.
A
the rotation of inventory among various locations

B
a ratio used to determine how many days on average it takes to turn inventory into sales

C
a form of economy of scale

D
the same thing as FIFO

Note: Answer not sure
1. Report
Question: No entry is made for withdrawals from inventory until the end of the period under which of the following systems?
A
Perpetual inventory system

B
Periodic inventory system

C
Cash flow system

D
JIT inventory system

Note: Answer not sure
1. Report
Question: The ________ is the difference between the cost of goods sold based on replacement cost and the cost of goods sold based on acquisition cost.
A
operating margin

B
realized holding gain

C
unrealized holding gain

D
gross margin

Note: Answer not sure
1. Report
Question: Which type of accountant works most closely with inventory?
A
Tax accountant

B
General accountant

C
AP clerk

D
Cost accountant

Note: Answer not sure
1. Report
Question: During periods of rising prices, which of the following cost flow assumptions produces the highest reported net income?
A
FIFO method

B
LIFO method

C
Weighted average method

D
All methods produce the same net result.

Note: Answer not sure
1. Report
Question: Stored materials that will eventually become part of the goods to be produced are called _______.
A
raw materials

B
finished goods

C
WIP

D
COGS

Note: Answer not sure
1. Report

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Question: Which of the following terms sometimes denotes the realized holding gain on inventory?

Question: Under which of the following cost flow assumptions does the income statement report out-of-date cost of goods sold?

Question: Conventionally, accountants refer to the difference between sales and cost of goods sold as the _______.

Question: The term "inventory turnover" refers to _________.

Question: No entry is made for withdrawals from inventory until the end of the period under which of the following systems?

Question: The ________ is the difference between the cost of goods sold based on replacement cost and the cost of goods sold based on acquisition cost.

Question: Which type of accountant works most closely with inventory?

Question: During periods of rising prices, which of the following cost flow assumptions produces the highest reported net income?

Question: Stored materials that will eventually become part of the goods to be produced are called _______.