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strayer acc100 week 3 ch 6 quiz

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Question;uestion 1;The factor which determines whether or not goods should be;included in a physical count of inventory is;legal title.;physical possession.;management's judgment.;whether or not the purchase price has been paid.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Question 2;Understating beginning inventory will understate;cost of goods sold.;owner's equity.;assets.;net income.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Question 3;Inventory is reported in the financial statements at;the higher-of-cost-or-market.;market.;the lower-of-cost-or-market.;cost.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Question 4;Which of the following statements is correct with respect to;inventories?;It is generally good business management to sell the most;recently acquired goods first.;FIFO seldom coincides with the actual physical flow of;inventory.;The FIFO method assumes that the costs of the earliest goods;acquired are the last to be sold.;Under FIFO, the ending inventory is based on the latest;units purchased.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Attempt of 1;GO;Question 5;In a manufacturing business, inventory that is ready for;sale is called;work in process inventory.;finished goods inventory.;store supplies inventory.;raw materials inventory.;Student did not submit Show Work for this attempt;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Attempt of 1;GO;Question 6;Eneri Company's inventory records show the following data;Units Unit Cost;Inventory January;1 10,000 $9.20;Purchases: June;18 9,000 8.00;November;8 6,000 7.00;A physical inventory on December 31 shows 4,000 units on;hand. Eneri sells the units for $13 each. The company has an effective tax rate;of 20%. Eneri uses the periodic inventory method. Under the LIFO method, cost;of goods sold is;$169,200.;$173,040.;$178,000.;$28,000.;Student did not submit Show Work for this attempt;SHOW SOLUTION;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Answer;CLOSE;Question 7;Switzer, Inc. has 8 computers which have been part of the;inventory for over two years. Each computer cost $600 and originally retailed;for $900. At the statement date, each computer has a current replacement cost;of $400. How much loss should Switzer, Inc., record for the year?;$3,200.;$1,600.;$2,400.;$4,000.;Question 8;The following information was available for Pete Company at;December 31, 2014: beginning inventory $90,000, ending inventory $70,000, cost;of goods sold $984,000, and sales $1,350,000. Pete?s inventory turnover ratio;in 2014 was;16.9 times.;14.1 times.;12.3 times.;10.9 times.;Student did not submit Show Work for this attempt;SHOW SOLUTION;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;CANCEL;Question 9;A company purchased inventory as follows;150 units at $5;350 units at $6;The average unit cost for inventory is;$5.70.;$6.00.;$5.00.;$5.50.;Student did not submit Show Work for this attempt;SHOW SOLUTION;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Question 10;Netta Shutters has the following inventory information.;July 1 Inventory 30 units @ $8.00;8 Purchase 120 units @ $8.30;17 Purchase 60 units @ $8.40;25 Purchase 90 units @ $8.80;A physical count of merchandise inventory on November 30;reveals that there are 90 units on hand. Assume a periodic inventory system is;used. Ending inventory under FIFO is;$1,740.;$738.;$1,794.;$792.;Student did not submit Show Work for this attempt

 

Paper#38459 | Written in 18-Jul-2015

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