Question : 11) Beginning inventory plus net purchases and plus freight in : 1212631

11) Beginning inventory plus net purchases and plus freight in equals:

A) net purchases.

B) cost of goods available for sale.

C) cost of goods sold.

D) gross purchases.

 

12) Cost of goods sold plus ending inventory equals:

A) net purchases.

B) cost of goods available for sale.

C) gross margin.

D) gross profit.

Table 5-4

 

The following data is for the Atlantis Merchandising, which uses a periodic inventory system:

 

Sales revenue

$600,000

Interest revenue

12,000

Freight in

42,000

Beginning inventory

77,000

Purchase discounts 

19,000

Sales returns and allowances

33,000

Operating expenses  

77,000

Interest expense

9,000

Ending inventory   

81,000

Purchases

415,000

Sales discounts    

35,000

Omar Atlantis, Withdrawals

71,000

Purchase returns and allowances

39,000

 

13) Refer to Table 5-4. Net purchases  for Atlantis Merchandising are:

A) $415,000.

B) $357,000.

C) $396,000.

D) $376,000.

 

14) Refer to Table 5-4. The total cost of goods available for sale for the Atlantis Merchandising is:

A) $434,000.

B) $408,000.

C) $476,000.

D) $441,000.

15) Refer to Table 5-4. The cost of goods sold for Atlantis Merchandising is:

A) $524,000.

B) $489,000.

C) $557,000.

D) $395,000.

 

Table 5-5

 

The following items were taken from the December 31, 2013 records of Speedy Boat Company, which uses a periodic inventory system: 

 

Salary payable

$1,100

Sales revenue 

480,000

Interest revenue

3,000

Freight in   

20,000

Beginning inventory

35,000

Sales discounts  

18,000

Purchases of inventory

240,000

Purchase returns and allowances

35,000

Purchase discounts   

10,000

Sales returns and allowances

35,000

Ending inventory      

80,000

Operating expenses 

85,000

Interest expense

7,000

Owner withdrawals

12,000

 

16) Refer to Table 5-5. The net purchases for Speedy Boat Company are:

A) $230,000.

B) $195,000.

C) $240,000.

D) $205,000.

17) Refer to Table 5-5. Cost of goods available for sale for Speedy Boat Company is:

A) $155,000.

B) $225,000.

C) $230,000.

D) $250,000.

 

18) Refer to Table 5-5. Cost of goods sold for Speedy Boat Company is:

A) $170,000.

B) $180,000.

C) $330,000.

D) $220,000.

 

19) In a periodic system, inventory balances and the cost of goods sold for the current period are determined:

A) at the time of sale.

B) on a frequent basis.

C) on the first day of each year.

D) when a physical inventory count is taken.

20) The following refers to periodic inventory:

 

Net sales

$198,000

Purchases

  92,000

Purchases returns and allowances

1,800

Purchases discounts

1,250

Freight in

1,590

Beginning merchandise inventory

63,000

Ending merchandise inventory

37,000

 

Compute cost of goods sold.

A) $116,540

B) $81,460

C) $114,950

D) $53,540

 

 

 

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