Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
Inventory and Cost of Goods Sold Quiz - Accounting Coach

Inventory and Cost of Goods Sold Quiz - Accounting Coach

Ratings: (0)|Views: 43|Likes:
Published by Sudip Bhattacharya

More info:

Published by: Sudip Bhattacharya on Sep 18, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

09/18/2011

pdf

text

original

 
 Search our website for more than 1,000 accounting topics: 
Search our Site
HomeAbout1,380 Testimonials
Accounting TopicsTest YourselfBookkeepingDownload MaterialsQ&ACareersDictionary
Quiz for the Topic...
Inventory andCost of Goods Sold
Print
NOTE:
For 
multiple-choice
and
true/false questions
, simply place your cursor over what you think is thecorrect answer. (There is no need to click the answer.) For 
fill-in-the-blank 
questions place your cursor over the
 _________ 
.
If you have difficulty answering the following questions, learn more about this topic by reading our Inventory and Cost of Goods Sold Explanation
.We also have
Crosswords
and
Q&A
for this topic.
1.The inventory cost flow assumption where the cost of the most recent purchase ismatched first against sales revenues is
FIFO LIFO Average
2.The inventory cost flow assumption where the cost of the most recent purchases arelikely to remain in inventory
FIFO LIFO Average
3.The inventory cost flow assumption where the oldest cost of inventory items is likely toremain on the balance sheet is
FIFO LIFO Average
4.The account Inventory will appear on the balance sheet as a current asset at anamount that often reflects the __________ of the merchandise on hand.
cost sales value
5.The inventory system that does NOT update the Inventory account automatically at thetime of each purchase or sales is the _______________ method/system.
periodic perpetual
6.If a company is experiencing continuous cost increases for the merchandise that itpurchases, which cost flow assumption will result in the least amount of profit and theleast amount of income tax expense?
FIFO LIFO Average
Bookmark|
New to our website?
View our most popular accounting topicsRead our credentials
Bookkeeping Exam
 Gain knowledge and confidencewith accounts, debits & credits,accounting basics, and more.Download now
Financial Exams
 Covers 16 financial accountingtopics (640 questions).Download now
Managerial Exams
 Covers 19 managerial accountingtopics (520 questions).Download nowReceive our popular 19-page Cheat Sheet at
nocost
whenyou join our free newsletter:
First Name:Email Address:
Join Our Newsletter 
90,000+ have already joined
Business Forms
 Browse our 87 businessforms and templates.Download now
7/31/2011Inventory and Cost of Goods Sold Quiz accountingcoach.com//12Dpg01.html1/3
 
7.A company in the computer industry is experiencing continuously lower costs. Whichcost flow assumption will result in less income tax expense for this company?
FIFO LIFO Average
8.A company purchased items for inventory during 2010 at continuously higher costs. Itslast two purchases of 2010 were 20 units on December 20 at a cost of $14 per unit and30 units on December 30 at a cost of $15 per unit. On December 28, 2010 the companymade its last sale for the year when it sold 10 units. Which inventory cost flowassumption will cause the $15 cost per unit to be expensed as part of the year 2010'scost of goods sold?
LIFO periodic LIFO perpetual Neither
 
Use the following information for questions 9 through 14:
A company purchased merchandise to be resold at increasing costs during the year 2010. The purchaseswere made at the following costs...January 1, 2010 (carried over from 2009)20 units at $10January 25, 2010 purchase40 units at $11June 20, 2010 purchase40 units at $12October 10, 2010 purchase50 units at $13The company sold 10 items at the end of each month.
9.What are the number of units and the cost of the goods available for sale?
 _____ 
units $
 ________ 
cost of goods available for sale10.Assuming the
LIFO periodic
cost flow assumption, what will be the company's
cost of goods sold
for the 120 items sold in 2010?
$1,380 $1,386 $1,400 $1,460
11.Assuming the
FIFO periodic
cost flow assumption, what will be the company's
cost of goods sold
for the 120 items sold in 2010?
$1,380 $1,386 $1,410 $1,460
12.Assuming the
periodic
weighted-
average
cost flow assumption, what is the company's
cost of goods sold
for the 120 items sold in 2010?
$1,386 $1,410 $1,416 $1,460
13.Assuming the
LIFO perpetual
cost flow assumption, what will be the company's
costof goods sold
for the 120 items sold in 2010?
$1,386 $1,410 $1,416 $1,460
14.Assuming the
perpetual
moving-
average
cost flow assumption, what is the company's
cost of goods sold
for the 120 items sold in 2010?
$1,386 $1,410 $1,416 $1,460
15.A company's inventory was destroyed in a fire on January 28, 2011. The company'sDecember 31, 2010 inventory had a cost of $40,000. The company's gross profit hasconsistently been 30% of sales. During January the company purchased merchandisecosting $36,000 and sales of $50,000 at regular selling prices. What is the estimated 
Accounting Jobs
 Accounting job listings for job-seekersand employers.Browse accounting jobs
Inventory Management
Try The Free Personal Finance Software. Get Started with Perfios!
www.perfios.com/personalsoftware
7/31/2011Inventory and Cost of Goods Sold Quiz accountingcoach.com//12Dpg01.html2/3

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->