Deck 6: Accounting for Inventory

Question 1

During its first and second years of operations, Lupin Company, a corporation using a periodic inventory system, made undiscovered errors in taking its year-end inventories that overstated year 1 ending inventory by $240,000 and overstated year 2 ending inventory by $180,000.
The combined effect of these errors on reported income is:

Answer 1

D

Question 2

During its first and second years of operations, Clover Company, a corporation using a periodic inventory system, made undiscovered errors in taking its year-end inventories that overstated year 1 ending inventory by $320,000 and overstated year 2 ending inventory by $240,000.
The combined effect of these errors on reported income is:

Answer 2

D

Question 3

The weighted-average cost method is used by Jose, Inc. Sales are $240,000, the number of units available for sale is 100, the number of units sold during the period is 75, and the weighted-average cost of the goods available for sale is $600 each.
How much is gross profit for the company?

A) $ 30,000
B) $ 45,000
C) $ 60,000
D) $195,000

Answer 3

$195,000

Question 4

The weighted-average cost method is used by Hector, Inc. Sales are $320,000, the number of units available for sale is 100, the number of units sold during the period is 75, and the weighted-average cost of the goods available for sale is $800 each.
How much is gross profit for the company?

A) $ 40,000
B) $ 60,000
C) $ 80,000
D) $260,000

Question 5

During its first year of operations, Richmond Company, using a periodic inventory system, made undiscovered errors in taking its year-end inventory that overstated Year 1 ending inventory by $150,000.
The effect of these errors on reported income is

Question 6

During its first year of operations, Oscar Company, using a periodic inventory system, made undiscovered errors in taking its year-end inventory that overstated Year 1 ending inventory by $200,000.
The effect of these errors on reported income is:

Question 7

The following data refer to Coat Company's ending inventory:
How much is the inventory if the lower-of-cost-or-net realizable value rule is applied to each item of inventory?

A) $189,480
B) $182,820
C) $199,080
D) None of the above

Question 8

The following data refer to Lion Company's ending inventory:
How much is the inventory if the lower-of-cost-or-net realizable value rule is applied to each item of inventory?

A) $252,640
B) $243,760
C) $265,440
D) None of the above

Question 9

Tin Company and Aluminum Company reported the following information in their financial statements, prior to their merger:
To the closest hundredth, how much is the 2019 inventory turnover for Tin Company?

A) 3.38
B) 2.82
C) 1.50
D) 3.60

Question 10

Wood Company and Plastic Company reported the following information in their financial statements, prior to their merger:
To the closest hundredth, how much is the 2019 inventory turnover for Wood Company?

A) 3.06
B) 2.42
C) 1.28
D) 2.70

Question 11

The following data refer to Wards Company's ending inventory:
How much is ending inventory if the lower-of-cost-or-net realizable value rule is applied to the total inventory?

A) $26,805
B) $26,415
C) $26,436
D) $28,020

Question 12

The following data refer to Montgomery Company's ending inventory:
How much is ending inventory if the lower-of-cost-or-net realizable value rule is applied to the total inventory?

A) $35,740
B) $35,220
C) $37,360
D) $35,256

Question 13

The following inventory was available for sale during the year for Dolphin Tools:
Dolphin has 25 units on hand at the end of the year.
What is the dollar amount of inventory at the end of the year according to the first-in, first-out method?

A) $4,950
B) $8,925
C) $4,725
D) $5,850

Question 14

The following inventory was available for sale during the year for Tower Tools:
Tower Tools has 25 units on hand at the end of the year.
What is the dollar amount of inventory at the end of the year according to the first-in, first-out method?

A) $ 6,600
B) $11,900
C) $ 6,300
D) $ 7,800

Question 15

The following hammers were available for sale during the year for Helen Tools:
Helen has 25 hammers on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the first-in, first-out method?

A) $5,925
B) $7,950
C) $4,725
D) $5,850

Question 16

The following hammers were available for sale during the year for Albert's Tools:
Albert has 30 hammers on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the first-in, first-out method?

A) $7,900
B) $5,300
C) $3,850
D) $7,800

Question 17

If inventory at the end of the year is understated by $105,000, what will this error cause?

A) An understatement of net income for the year by $105,000
B) An overstatement of gross profit for the year by $105,000
C) An overstatement of inventory for the year by $105,000
D) An understatement of cost of goods sold for the year by $105,000

Question 18

Use the following information to answer:
Timber Company imports and sells a product produced in Canada. In the summer of 2019, a natural disaster disrupted production, affecting its supply of product. Timber Company uses the LIFO inventory method. On January 1, 2019, Timber Company's inventory records were as follows:
Through mid-December of 2019, purchases were limited to 8,000 units, because the cost had increased to $240 per unit. Timber sold 14,200 units during 2019 at a price of $306 per unit, which significantly depleted its inventory. Timber Company uses a periodic inventory system

-Assume that Timber Company makes no further purchases during 2019. Compute Timber Company's gross profit for 2019.

A) $ 321,800
B) $3,109,800
C) $3,741,000
D) $1,456,200

Question 19

Use the following information to answer:
Timber Company imports and sells a product produced in Canada. In the summer of 2019, a natural disaster disrupted production, affecting its supply of product. Timber Company uses the LIFO inventory method. On January 1, 2019, Timber Company's inventory records were as follows:
Through mid-December of 2019, purchases were limited to 8,000 units, because the cost had increased to $240 per unit. Timber sold 14,200 units during 2019 at a price of $306 per unit, which significantly depleted its inventory. Timber Company uses a periodic inventory system

-Assume that Timber Company purchases 11,400 more of the $240 units on December 31, 2019. Compute Timber Company's gross profit for 2019.

A) $2,736,000
B) $ 937,200
C) $3,109,800
D) $1,285,800

Question 20

Use the following information to answer:
Northern Creations Company imports and sells a product produced in Canada. In the summer of 2019, a natural disaster disrupted production, affecting its supply of product. Northern Creations Company uses the LIFO inventory method. On January 1, 2019, Northern Creations Company's inventory records were as follows:
Through mid-December of 2019, purchases were limited to 8,000 units, because the cost had increased to $320 per unit. Northern Creations sold 14,200 units during 2019 at a price of $408 per unit, which significantly depleted its inventory. Northern Creations uses a periodic inventory system

-Assume that Northern Creations Company makes no further purchases during 2019. Compute Nature Creations Company's gross profit for 2019.

A) $1,762,400
B) $4,146,400
C) $4,988,000
D) $1,941,600

Question 21

Use the following information to answer:
Northern Creations Company imports and sells a product produced in Canada. In the summer of 2019, a natural disaster disrupted production, affecting its supply of product. Northern Creations Company uses the LIFO inventory method. On January 1, 2019, Northern Creations Company's inventory records were as follows:
Through mid-December of 2019, purchases were limited to 8,000 units, because the cost had increased to $320 per unit. Northern Creations sold 14,200 units during 2019 at a price of $408 per unit, which significantly depleted its inventory. Northern Creations uses a periodic inventory system

-Assume that Northern Creations Company purchases 11,400 more of the $320 units on December 31, 2019. Compute Northern Creations Company's gross profit for 2019.

A) $3,648,000
B) $1,249,600
C) $4,146,400
D) $1,714,400

Question 22

The following amounts and costs of platters were available for sale by Cataling Ceramics during 2019:
Cataling Ceramics, which uses a periodic inventory system, has 35 platters on hand at the end of the year. What is the dollar amount of inventory at the end of the year according to the weighted-average cost method?

A) $14,880
B) $ 9,300
C) $ 5,198
D) $ 6,510

Question 23

The following amounts and costs of platters were available for sale by Cibula Ceramics during 2019:
Cibula Ceramics, which uses a periodic inventory system, has 35 platters on hand at the end of the year.
What is the dollar amount of inventory at the end of the year according to the weighted-average cost method?

A) $19,840
B) $12,400
C) $ 6,930
D) $ 8,680

Question 24

The following amounts and costs of platters were available for sale by Southwest Pottery during 2019:
Southwest Pottery, which uses a periodic inventory system, has 35 platters on hand at the end of the year.
How much is cost of goods sold in dollars at the end of the year according to the weighted-average cost method?

A) $14,880
B) $ 5,580
C) $ 8,370
D) $ 5,198

Question 25

The following amounts and costs of platters were available for sale by Colorado Pottery during 2019:
Colorado Pottery, which uses a periodic inventory system, has 35 platters on hand at the end of the year.
How much is cost of goods sold in dollars at the end of the year according to the weighted-average cost method?

A) $19,840
B) $ 7,440
C) $11,160
D) $ 6,930

Question 26

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.


-Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $2,052
B) $2,088
C) $2,166
D) $2,220

Question 27

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.


-Assuming Quebec, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $1,989
B) $2,088
C) $2,166
D) $2,220

Question 28

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.


-Assuming Quebec, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $2,160.30
B) $2,163.00
C) $2,166.00
D) $2,392.20

Question 29

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.


-Assuming Quebec, Inc. uses the FIFO perpetual inventory procedures, it records sale No. 2 as an entry to Cost of Goods Sold for:

A) $1,728
B) $1,788
C) $1,860
D) $1,896

Question 30

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.


-Assuming Quebec, Inc. uses the LIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $1,728
B) $1,788
C) $1,860
D) $1,896

Question 31

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.


-Assuming Quebec, Inc. uses weighted-average (perpetual) inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods sold for:

A) $1,817.61
B) $1,824.00
C) $1,835.52
D) $1,819.20

Question 32

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Sox, Inc. for an operating period.


-Assuming Sox, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $2,736
B) $2,784
C) $2,888
D) $2,960

Question 33

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Sox, Inc. for an operating period.


-Assuming Sox, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $2,632
B) $2,784
C) $2,888
D) $2,360

Question 34

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Sox, Inc. for an operating period.


-Assuming Sox, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $2,880.40
B) $2,884.00
C) $2,888.00
D) $3,189.60

Question 35

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Sox, Inc. for an operating period.


-Assuming Sox, Inc. uses the FIFO perpetual inventory procedures, it records sale No. 2 as an entry to Cost of Goods Sold for:

A) $2,304
B) $2,384
C) $2,408
D) $2,528

Question 36

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Sox, Inc. for an operating period.


-Assuming Sox, Inc. uses the LIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $2,304
B) $2,384
C) $2,480
D) $2,528

Question 37

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Sox, Inc. for an operating period.


-Assuming Sox, Inc. uses weighted-average (perpetual) inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods sold for:

A) $2,423.48
B) $2,432.00
C) $2,447.36
D) $2,425.60

Question 38

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ilse's Garden, Inc., for an operating period.


-Assuming Ilse's Garden, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $1,260
B) $1,320
C) $ 840
D) $ 930

Question 39

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ilse's Garden, Inc., for an operating period.


-Assuming Ilse's Garden, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $ 840
B) $1,260
C) $ 930
D) $1,320

Question 40

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ilse's Garden, Inc., for an operating period.


-Assuming Ilse's Garden, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $1,110
B) $1,116
C) $1,650
D) $1,140

Question 41

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ilse's Garden, Inc., for an operating period.


-Assuming Ilse's Garden, Inc. uses FIFO perpetual inventory procedures, it records sale No. 2 as an entry to Cost of Goods Sold for:

A) $1,110
B) $1,200
C) $ 840
D) $1,260

Question 42

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ilse's Garden, Inc., for an operating period.


-Assuming Ilse's Garden, Inc. uses LIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $840
B) $1,200
C) $1,110
D) $1,320

Question 43

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ilse's Garden, Inc., for an operating period.


-Assuming Ilse's Garden, Inc. uses weighted-average (perpetual) inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $1,140
B) $1,116
C) $1,020
D) $1,065

Question 44

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.


-Assuming Delacour, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $1,680
B) $1,760
C) $1,120
D) $1,240

Question 45

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.


-Assuming Delacour, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $1,120
B) $1,680
C) $1,240
D) $1,760

Question 46

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.


-Assuming Delacour, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $1,474
B) $1,488
C) $2,200
D) $1,520

Question 47

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.


-Assuming Delacour, Inc. uses FIFO perpetual inventory procedures, it records sale No. 2 as an entry to Cost of Goods Sold for:

A) $1,480
B) $1,600
C) $1,120
D) $1,680

Question 48

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.


-Assuming Delacour, Inc. uses LIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $1,120
B) $1,600
C) $1,480
D) $1,760

Question 49

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.


-Assuming Delacour, Inc. uses weighted-average (perpetual) inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $1,520
B) $1,488
C) $1,360
D) $1,420

Question 50

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period.


-Assuming Woof, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $3,240
B) $4,464
C) $3,168
D) $3,600

Question 51

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period.


-Assuming Woof, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $3,168
B) $3,240
C) $3,816
D) $4,464

Question 52

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period.


-Assuming Woof, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $3,276
B) $3,744
C) $3,816
D) $3,240

Question 53

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period.


-Assuming Woof, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is:

A) $4,464
B) $3,240
C) $3,600
D) $3,168
E) None of the above

Question 54

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period.


-Assuming Woof, Inc. uses LIFO perpetual inventory procedures, the ending inventory cost is:

A) $3,168
B) $3,240
C) $4,464
D) $3,384

Question 55

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period.


-Assuming Woof, Inc. uses weighted-average (perpetual) inventory procedures, the ending inventory cost is:

A) $3,744
B) $3,186
C) $3,384
D) $3,276

Question 56

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Purr-A-Lot, Inc. for an operating period.


-Assuming Purr-A-Lot, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $4,320
B) $5,952
C) $4,114
D) $4,800

Question 57

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Purr-A-Lot, Inc. for an operating period.


-Assuming Purr-A-Lot, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $4,224
B) $4,320
C) $5,088
D) $5,952

Question 58

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Purr-A-Lot, Inc. for an operating period.


-Assuming Purr-A-Lot, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $4,368
B) $4,992
C) $5,088
D) $4,320

Question 59

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Purr-A-Lot, Inc. for an operating period.


-Assuming Purr-A-Lot, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is:

A) $5,952
B) $4,320
C) $4,800
D) $4,224

Question 60

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Purr-A-Lot, Inc. for an operating period.


-Assuming Purr-A-Lot, Inc. uses LIFO perpetual inventory procedures, the ending inventory cost is:

A) $4,224
B) $4,320
C) $5,952
D) $4,512

Question 61

Use the following information to answer:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Purr-A-Lot, Inc. for an operating period.


-Assuming Purr-A-Lot, Inc. uses weighted-average (perpetual) inventory procedures, the ending inventory cost is:

A) $4,992
B) $5,088
C) $4,512
D) $4,368

Question 62

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $9,720
B) $8,400
C) $9,480
D) $7,560

Question 63

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $7,380
B) $9,480
C) $9,390
D) $8,400

Question 64

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $ 8,910
B) $ 8,640
C) $ 9,468
D) $10,890

Question 65

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses FIFO perpetual inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

A) $2,700
B) $2,730
C) $2,670
D) $2,880

Question 66

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses FIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $7,632
B) $7,650
C) $7,680
D) $7,920
E) None of the above

Question 67

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses LIFO perpetual inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

A) $2,730
B) $2,700
C) $2,670
D) $3,240

Question 68

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses LIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $8,640
B) $7,680
C) $7,650
D) $7,632

Question 69

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses weighted-average (perpetual) inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

A) $2,790
B) $2,730
C) $2,700
D) $2,670

Question 70

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period.


-Assuming Mullenax Company uses weighted-average (perpetual) inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $7,632
B) $7,650
C) $7,680
D) $7,920

Question 71

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $12,960
B) $12,000
C) $12,640
D) $10,080

Question 72

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $10,440
B) $12,640
C) $12,520
D) $11,200

Question 73

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

A) $11,880
B) $11,520
C) $12,624
D) $14,520

Question 74

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses FIFO perpetual inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

A) $3,600
B) $3,640
C) $3,560
D) $3,840

Question 75

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses FIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $10,176
B) $10,200
C) $10,240
D) $10,560

Question 76

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses LIFO perpetual inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

A) $3,640
B) $3,600
C) $3,560
D) $4,320

Question 77

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses LIFO perpetual inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $11,520
B) $10,240
C) $10,200
D) $10,176

Question 78

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses weighted-average (perpetual) inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

A) $3,960
B) $3,640
C) $3,600
D) $3,560

Question 79

Use the following information to answer:
The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period.


-Assuming Tina Star Company uses weighted-average (perpetual) inventory procedures, sale No. 2 is recorded as an entry to Cost of Goods Sold for:

A) $10,176
B) $10,200
C) $10,240
D) $10,560

Question 80

At year-end, The Big Chill Shop has a freezer on hand that has been used as a demonstration model. The freezer cost $1,170 and sells for $2,250 when new. In its present condition, the freezer will be sold for $1,140.
Related selling costs are an estimated $60. At what amount should the freezer be carried in inventory?

A) $1,125
B) $1,140
C) $1,080
D) $1,200