Solved

Match the Items Below with the Appropriate Statements

Question 245

Matching

Match the items below with the appropriate statements.

Premises:

Responses:

RFV Company pays the purchasing manager a $70

A = The expenditure should be included in the inventory account.

YUH Company paid $12

B = The expenditure should NOT be included in the inventory account.

RXD was billed $500 for merchandise that it had already returned to the vendor.

EOP Inc.pays for freight on goods that it purchased with credit terms of FOB shipping point.

GLO Company pays $560 of import tariffs associated with a purchase of merchandise from an overseas supplier.

UIO Co.pays $330 to insure merchandise while it is on the shelves waiting to be sold.

TGF Company purchases 500 units of merchandise at a cost of $1.40 each.

Premises:

RFV Company pays the purchasing manager a $70

YUH Company paid $12

RXD was billed $500 for merchandise that it had already returned to the vendor.

EOP Inc.pays for freight on goods that it purchased with credit terms of FOB shipping point.

GLO Company pays $560 of import tariffs associated with a purchase of merchandise from an overseas supplier.

UIO Co.pays $330 to insure merchandise while it is on the shelves waiting to be sold.

TGF Company purchases 500 units of merchandise at a cost of $1.40 each.

Responses:

A = The expenditure should be included in the inventory account.

B = The expenditure should NOT be included in the inventory account.

Correct Answer:

Premises:

Responses:

RFV Company pays the purchasing manager a $70

YUH Company paid $12

RXD was billed $500 for merchandise that it had already returned to the vendor.

EOP Inc.pays for freight on goods that it purchased with credit terms of FOB shipping point.

GLO Company pays $560 of import tariffs associated with a purchase of merchandise from an overseas supplier.

UIO Co.pays $330 to insure merchandise while it is on the shelves waiting to be sold.

TGF Company purchases 500 units of merchandise at a cost of $1.40 each.

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