Question :
11) Renaud, Inc. has the following list of inventory:
Item
Unit Cost
: 1232299
11) Renaud, Inc. has the following list of inventory:
Item
Unit Cost
Selling Price
DKW
$13,257
$20,322
EOR
$ 6,790
$7,192
CKS
$18,302
$19,773
XCC
$ 9,394
$11,274
CIS
$27,434
$33,409
Under specific-identification, what is Renaud’s ending inventory if EOR and CIS are not sold during the current period?
A) $34,224
B) $40,601
C) $40,953
D) $51,369
12) Inland Industrial has the following list of inventory:
Item
Unit Cost
Selling Price
DKW
$13,257
$20,322
EOR
$ 6,790
$7,192
CKS
$18,302
$19,773
XCC
$ 9,394
$11,274
CIS
$27,434
$33,409
Under specific-identification, what is Inland Industrial’s cost of goods sold if EOR and CIS were not sold during the current period?
A) $34,224
B) $40,601
C) $40,953
D) $51,369
13) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming FIFO, what is the cost of goods sold for the June 7 sale?
A) $624
B) $654
C) $648
D) $645
14) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming LIFO, what is the cost of goods sold for the June 7 sale?
A) $648
B) $654
C) $660
D) $645
15) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming average cost, what is the cost of goods sold for the June 7 sale?
A) $642
B) $654
C) $648
D) $645
16) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming FIFO, what is the cost of goods sold for the June 14 sale?
A) $455
B) $440
C) $456
D) $464
17) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming LIFO, what is the cost of goods sold for the June 14 sale?
A) $455
B) $440
C) $456
D) $464
18) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming average cost, what is the cost of goods sold for the June 14 sale?
A) $455
B) $456
C) $452
D) $464
19) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming FIFO, what is the ending inventory after the June 14 sale?
A) $208
B) $228
C) $232
D) $214
20) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming LIFO, what is the ending inventory after the June 14 sale?
A) $232
B) $214
C) $228
D) $208
21) Olympic Enterprises had the following inventory data:
Date
Quantity
Unit cost
June 1
Beginning inventory
5
$52
June 4
Purchase
10
$55
June 7
Sale
12
June 11
Purchase
9
$58
June 14
Sale
8
Assuming average cost, what is the ending inventory after the June 14 sale?
A) $228
B) $232
C) $214
D) $208
22) Cost of goods sold equals:
A) ending inventory plus net purchases minus beginning inventory.
B) beginning inventory minus net purchases plus ending inventory.
C) beginning inventory plus net sales minus ending inventory.
D) beginning inventory plus net purchases minus ending inventory.
23) When purchasing inventory on account in a perpetual inventory system, which of the following is TRUE?
A) The journal entry would be exactly the same for all inventory costing methods.
B) LIFO and FIFO inventory valuation methods require a debit to inventory while all others require a debit to purchases.
C) GAAP does not allow inventory to be purchased on account.
D) The average costing method requires a credit to inventory.
24) Given the following inventory activity, what is ending inventory using the perpetual average costing method?
Date
Quantity
Unit Cost
Beginning Balance
100
$5.00
September 17
Purchase
50
$3.50
September 24
Sale
25
September 29
Purchases
40
$6
A) 165 units @ $4.83
B) 100 units @ $5.00 and 25 units @ $3.50 and 40 units @ $6.00
C) 125 units @ $4.50 and 40 units @ $6.00
D) 75 units @ $5.00 and 50 units @ $3.50 and 40 units @ $6.00
25) Given the following inventory activity, what is ending inventory using the perpetual LIFO costing method?
Date
Quantity
Unit Cost
Beginning Balance
100
$5.00
September 17
Purchase
50
$3.50
September 24
Sale
25
September 29
Purchases
40
$6
A) 165 units @ $4.83
B) 100 units @ $5.00 and 25 units @ $3.50 and 40 units @ $6.00
C) 125 units @ $4.50 and 40 units @ $6.00
D) 75 units @ $5.00 and 50 units @ $3.50 and 40 units @ $6.00
