Question : 90.Which of the following costs would not be included in : 1244401

90.Which of the following costs would not be included in the inventory cost?

 

a.

Cost of goods held on consignment

b.

Freight-in

c.

Sales tax

d.

Invoice price

 

 

 

91.Which of the following costs usually would not be included in the inventory cost?

 

a.

Invoice price less purchases discounts

b.

Insurance on goods in transit

c.

Storage costs

d.

Related tariffs

 

 

 

92.Which of the following terms best describes the assumption made in applying the four inventory methods?

 

a.

Physical flow

b.

Goods flow

c.

Asset flow

d.

Cost flow

 

 

 

93.Which of the following costs normally would be included in the inventory cost?

 

a.

Storage costs

b.

Applicable taxes

c.

Receiving costs

d.

Ordering costs

 

 

 

94.An assumption about cost flow is necessary

 

a.

only when the flow of goods cannot be determined.

b.

even when there is no change in the purchase price of inventory.

c.

because prices usually change, and tracking which units have been sold is difficult.

d.

because it is required by income tax regulations.

 

 

 

95.A dealer in expensive furs would probably use which of the following inventory methods?

 

a.

Average-cost

b.

Specific identification

c.

LIFO

d.

FIFO

 

 

 

96.Use this inventory information for the month of June to answer the following question.

 

 

June

1

 

Beginning inventory

10 units @ $120

 

 

5

 

Purchase

60 units @ $112

 

 

14

 

Sale 

40 units

 

 

21

 

Purchase

30 units @ $116

 

 

30

 

Sale 

28 units

 

Assuming that a periodic inventory system is used, what is cost of goods sold on a LIFO basis?

 

a.

$7,736

b.

$3,704

c.

$7,696

d.

$3,664

 

 

 

97.Use this inventory information for the month of June to answer the following question.

 

 

June

1

 

Beginning inventory

10 units @ $120

 

 

5

 

Purchase

60 units @ $112

 

 

14

 

Sale 

40 units

 

 

21

 

Purchase

30 units @ $116

 

 

30

 

Sale 

28 units

 

Assuming that a periodic inventory system is used, what is cost of goods sold under the average-cost method?

 

a.

$3,712

b.

$7,888

c.

$3,648

d.

$7,752

 

 

 

98.Use this inventory information for the month of June to answer the following question.

 

 

June

1

 

Beginning inventory

10 units @ $120

 

 

5

 

Purchase

60 units @ $112

 

 

14

 

Sale 

40 units

 

 

21

 

Purchase

30 units @ $116

 

 

30

 

Sale 

28 units

 

What is cost of goods sold under the specific identification method?

 

a.

$7,696

b.

More information is needed.

c.

$3,704

d.

$7,736

 

 

 

99.Use this inventory information for the month of May to answer the following question.

 

 

May

1

 

Beginning inventory

20 units @ $76

 

 

7

 

Purchase

70 units @ $80

 

 

18

 

Sale 

25 units

 

 

22

 

Purchase

10 units @ $88

 

 

29

 

Sale 

40 units

 

Assuming that a periodic inventory system is used, what is ending inventory (rounded) under the average-cost method?

 

a.

$5,200

b.

$2,800

c.

$2,848

d.

$5,288

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more