8/31/22, 1:03 PM Advanced Business Accounting - I - U3 B _ Inventory _ACCOUNTS RECEIVABLE_SELF TEST

Advanced Business Accounting - I - U3 B

_ Inventory _ACCOUNTS
RECEIVABLE_SELF TEST
Total points 5/10

The respondent's email (aaditya.manoj@commerce.christuniversity.in) was recorded on

submission of this form.

0 of 0 points

NAME *

Aaditya Manoj

ROLL NO *

2283701

CLASS *

1ADBA

EMAIL *

aaditya.manoj@commerce.christuniversity.in

1 1 of 1 points

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8/31/22, 1:03 PM Advanced Business Accounting - I - U3 B _ Inventory _ACCOUNTS RECEIVABLE_SELF TEST

The following information applied to X Co. for year 2: Merchandise *1/1

purchased for resale $400,000; Freight-in 10,000; Freight-out 5,000;
Purchase returns 2,000.  X’s year 2 inventoriable cost was

400,000

404,000

408,000

413000

2 1 of 1 points

How should the Freight-in costs affect a retailers inventory costs * 1/1

Increase

Decrease

No effect

Either increase or decrease

3 1 of 1 points

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8/31/22, 1:03 PM Advanced Business Accounting - I - U3 B _ Inventory _ACCOUNTS RECEIVABLE_SELF TEST

The following information pertained to Azur Co. for the year: Purchases *1/1
$102,800; Purchase discounts 10,280; Freight in 15,420; Freight out 5,140
Beginning inventory 30,840; Ending inventory 20,560. What amount
should Azur report as cost of goods sold for the year

102800

123360

118220

128500

4 1 of 1 points

A company decided to change its inventory valuation method from FIFO *1/1
to LIFO in a period of rising prices. What was the result of the change on
ending inventory amount in the year of the change

Decrease

No effect

Increase

Either increase or decrease

5 0 of 1 points

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8/31/22, 1:03 PM Advanced Business Accounting - I - U3 B _ Inventory _ACCOUNTS RECEIVABLE_SELF TEST

A construction company purchased 1000 corrugated sheets for 5000 US *0/1

dollars. In addition, delivery charge paid was US dollars 200 and sales tax
paid  was USD 40.  What is the inventoriable amount for this transaction

5000

5240

5040

5200

Correct answer

5240

6 0 of 1 points

The company's accountant discovered that she missed an accrual for *0/1
inventory goods received before the year end cut-off date. The payment
of the goods will be due next year. These goods are remained unsold at
year end. How should be Accounting Manager  correct the error.

Dr. Inventory Cr. Accounts Payable

Dr. Accounts Payable Cr. Inventory

Dr. Cost of Sales Cr. Accounts Payable

Dr. Inventory Cr. Cost of Sales

Correct answer

Dr. Inventory Cr. Accounts Payable

7 1 of 1 points

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8/31/22, 1:03 PM Advanced Business Accounting - I - U3 B _ Inventory _ACCOUNTS RECEIVABLE_SELF TEST

Which of the following inventory cost flow assumptions is prohibited *1/1

under IFRS?

FIFO

LIFO

Average Cost

specific Identification

8 0 of 1 points

Company uses the FIFO method of calculating inventory costs. At the *0/1
beginning of the 2019, 1000 units were on hand at $1 each. The company
purchased additional 1000 unit at $2 on April 1. The company for 1500
units on September 1. Calculating 2019 ending inventory.

1000

500

750

900

Correct answer

1000

9 0 of 1 points

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8/31/22, 1:03 PM Advanced Business Accounting - I - U3 B _ Inventory _ACCOUNTS RECEIVABLE_SELF TEST

A Company carries cell phone inventory with the historical cost of US *0/1
dollars 30. Cost to sell the inventory is US dollar 5 per unit. The company
has been selling inventory at a discounted price of $29 as the new model
has just been released, making the old model difficult to sell. What
amount, if any, should be inventory be written down by?

Correct answer

10 0 of 1 points

A company buys Inventory at three different times during the year: 10000 *0/1
units at $10 each, then 20,000 units at dollars 11 each, and finally 8000
units at dollars 14 each. A Physical  inventory is taken at the end of the
year and 9000 units are found. If the company utilises the periodic LIFO
for inventory system, what is reported as the cost of ending inventory

90000

96000

123000

126000

Correct answer

90000

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