Question :
11. Which inventory cost flow method assigns the cost of the : 1224925
11. Which inventory cost flow method assigns the cost of the most recent items purchased to ending inventory? A. Specific identificationB. Weighted averageC. FIFOD. LIFO
12. Which inventory cost flow method assigns the cost of the most recent items purchased to cost of goods sold? A. Specific identificationB. Weighted averageC. FIFOD. LIFO
13. Which inventory cost flow method assigns the average unit cost to all units whether sold or left in ending inventory? A. Specific identificationB. Weighted averageC. FIFOD. LIFO
14. For which type of merchandise would a company most likely use the specific identification method of inventory costing? A. Gasoline held in storage tanksB. Cases of bottled waterC. Fine jewelerD. Barbie dolls
15. Jensan CompanyJensan uses a perpetual inventory system and had the following inventory transactions for the month of June.
June
1
On hand, 50 units at $15.00 each
$ 750.00
4
Purchased 115 units at $15.10 each
1,736.50
5
Sold 100 units
10
Purchased 75 units at $15.20 each
1,140.00
24
Sold 50 units
Total cost of goods available for sale
3,626.50
30
On hand, 90 units
The June 30th inventory included 45 units from the June 4th purchase and 45 units from the June 10th purchase. Refer to the information provided for Jensan Co. Jensan’s cost of ending inventory at June 30th under the specific identification method is: A. $1,350.00.B. $1,359.00.C. $1,363.50.D. $1,366.50.
16. Jensan CompanyJensan uses a perpetual inventory system and had the following inventory transactions for the month of June.
June
1
On hand, 50 units at $15.00 each
$ 750.00
4
Purchased 115 units at $15.10 each
1,736.50
5
Sold 100 units
10
Purchased 75 units at $15.20 each
1,140.00
24
Sold 50 units
Total cost of goods available for sale
3,626.50
30
On hand, 90 units
The June 30th inventory included 45 units from the June 4th purchase and 45 units from the June 10th purchase. Refer to the information provided for Jensan Company. What is the cost of goods sold for June under the specific identification method? A. $2,263.00B. $2,270.00C. $2,260.00D. $3,626.50
17. Portey CompanyPortey uses a perpetual inventory system and had the following inventory transactions for the month of June.
June
1
On hand, 100 units at $9.00 each
$ 900.00
4
Purchased 120 units at $9.10 each
1,092.00
5
Sold 150 units
10
Purchased 100 units at $9.5 each
950.00
24
Sold 60 units
Total cost of goods available for sale
2,942.00
30
On hand, 110 units
Refer to the information provided for Portey. If Portey uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is: A. $1,901.00.B. $1,010.00.C. $1,041.00.D. $1,045.00.
18. Portey CompanyPortey uses a perpetual inventory system and had the following inventory transactions for the month of June.
June
1
On hand, 100 units at $9.00 each
$ 900.00
4
Purchased 120 units at $9.10 each
1,092.00
5
Sold 150 units
10
Purchased 100 units at $9.5 each
950.00
24
Sold 60 units
Total cost of goods available for sale
2,942.00
30
On hand, 110 units
Refer to the information provided for Portey. If Portey uses the FIFO inventory costing method, cost of goods sold for the month of June is: A. $1,932.00.B. $1,901.00.C. $2,942.00.D. $1,917.00.
19. Portey CompanyPortey uses a perpetual inventory system and had the following inventory transactions for the month of June.
June
1
On hand, 100 units at $9.00 each
$ 900.00
4
Purchased 120 units at $9.10 each
1,092.00
5
Sold 150 units
10
Purchased 100 units at $9.5 each
950.00
24
Sold 60 units
Total cost of goods available for sale
2,942.00
30
On hand, 110 units
Refer to the information provided for Portey. If Portey uses the LIFO inventory costing method, ending inventory at June 30th is: A. $1,024.82B. $1,092.00C. $1,010.00D. $1,041.00
20. Portey CompanyPortey uses a perpetual inventory system and had the following inventory transactions for the month of June.
June
1
On hand, 100 units at $9.00 each
$ 900.00
4
Purchased 120 units at $9.10 each
1,092.00
5
Sold 150 units
10
Purchased 100 units at $9.5 each
950.00
24
Sold 60 units
Total cost of goods available for sale
2,942.00
30
On hand, 110 units
Refer to the information provided for Portey. If Portey uses the LIFO inventory costing method, cost of goods sold for the month of June is: A. $1,901.00.B. $1,932.00.C. $2,942.00.D. $1,917.00.
