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charter oak acc101 week 8 and 9 test part 1




Question;?;1. The "just-in-time" concept of;inventory management is best illustrated by;Answer;? Question;2;3.812 out of 3.812 points;Use the following to answer;questions 2 - 3;At year-end, the perpetual inventory records of Williams Co.;indicate 60 units of a particular product in inventory, acquired at the;following dates and unit costs;Purchased in August: 30 units at $900 per unit;Purchased in November: 30 units at $950 per unit;However, a complete physical inventory taken at year-end;indicates only 50 units of this product actually are on hand.;13. Refer to the above data. Assuming that Williams uses the LIFO flow;assumption, it should record this inventory shrinkage by;Answer;? Question;3;3.812 out of 3.812 points;3.;Refer to the above data. Assuming;that Williams uses the FIFO flow assumption, it should record this inventory;shrinkage by;Answer;? Question;4;3.812 out of 3.812 points;4.;On Saturday, June 30, Dalton Stereo sold merchandise to Tom Reed on;account. The sales price was $4,200, and the cost of goods sold was $3,100. The;sales revenue was recorded immediately, but the entry recording the cost of;goods sold was dated Monday, July 2. As a result, net income for June was;Answer;? Question;5;3.812 out of 3.812 points;5.;For the last several years Goldschmidt Corporation has operated with a;gross profit rate of 35%. On January 1;of the current year the company had on hand inventory with a cost of;$300,000. Purchases of merchandise;during January amounted to $96,000, and sales for the month were $180,000. With;the gross profit method, the estimated inventory at January 31 is;Answer;? Question;6;3.812 out of 3.812 points;6.;The recent annual report of Quest Corporation disclosed a LIFO reserve;of $25 million. Assuming that Quest pays income taxes at a rate of 40%, using;LIFO has;Answer;? Question;7;3.812 out of 3.812 points;Use the following to answer;questions 7 - 9;At the end of last year, Tech-Toys had merchandise costing;$120,000 in inventory. During January of;the current year, the company purchased merchandise costing $82,000, and sold;merchandise that it had purchased at a total cost of $64,000. Tech Toys uses a perpetual inventory system.;18. Refer to the above data. The total amount debited to the Inventory;account during January was;Answer;? Question;8;3.812 out of 3.812 points;8.;Refer to the above data. The;balance in the Inventory account at January 31 was;Answer;? Question;9;3.812 out of 3.812 points;9.;Refer to the above data. The;amount of goods transferred from the Inventory account to the Cost of Goods;Sold account during January was;Answer;charter oak acc101 week 9 test part 1? 1. A gain is;recognized on the disposal of plant assets when:Answer? Question;23.812 out of 3.812 points 2.;Ross Construction traded in a machine on a similar asset, paying cash;for the difference between the list price and the trade-in allowance. The cost;assigned to the new asset for income tax purposes is equal to the:Answer ? Question;33.812 out of 3.812 points 3.;Expenditures for research and development intended to lead to new;products of commercial value:Answer ? Question;43.812 out of 3.812 points 4..;Silverado Company purchased equipment having an invoice price of;$8,000. The terms of sale were 2/10;n/30, and Silverado paid within the discount period. In addition, Silverado paid $100 delivery;charge, $130 installation charge, and $550 sales tax. The amount recorded as the cost of this;equipment is:Answer ? Question;53.812 out of 3.812 points 5.;Land and a warehouse were acquired for $890,000. What amounts should be;recorded in the accounting records for land and for the warehouse if an;appraisal showed the estimated values to be $350,000 for the land and $650,000;for the warehouse?Answer ? Question;63.812 out of 3.812 points 6.;On March 2, 2000, Farlow Industries purchased a fleet of automobiles at;a cost of $360,000. The cars are to be depreciated by the straight-line method;over five years with no salvage value. Farlow uses the half-year convention to;compute depreciation for fractional periods. The book value of the fleet of;automobiles at December 31, 2001, will be:Answer ? Question;70 out of 3.812 points 7.;On April 8, 2000, Arco Corp. acquired equipment at a cost of $120,000.;The equipment is to be depreciated by the straight-line method over five years;with no provision for salvage value. Depreciation for fractional years is;computed by rounding the ownership period to the nearest month. Depreciation expense recognized in 2000 will;be:Answer ? Question;83.812 out of 3.812 points 8.;Del Rey Imports sold a depreciable plant asset for cash of $25,000. The;accumulated depreciation amounted to $60,000, and a loss of $5,000 was;recognized on the sale. Under these circumstances, the original cost of the;asset must have been:Answer ? Question;93.812 out of 3.812 points 9.;Total stockholders' equity of Concord Company is $3,000,000. The fair;market value of Concord's net identifiable assets (assets less liabilities) is;$4,000,000. Wheeler Corporation makes an offer to purchase Concord's entire;business for $4,800,000. In this situation:Answer;="msonormal">


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