Question : 61.              The following information comes from the annual reports of : 1253667

 

61.              The following information comes from the annual reports of Devin Designs.

 

2012

2011

2010

Beginning inventory

?

?

2,250

Purchases

12,652

?

?

Goods available for sale

?

?

12,899

Ending inventory

?

2,662

?

Cost of goods sold

12,213

10,908

10,490

 

What is the beginning inventory amount for 2012?

a.$439

b.$8,246

c.$10,908

d.$2,662

62.              The following information comes from the annual reports of Devin Designs.

 

2012

2011

2010

Beginning inventory

?

?

2,250

Purchases

12,652

?

?

Goods available for sale

?

?

12,899

Ending inventory

?

2,662

?

Cost of goods sold

12,213

10,908

10,490

 

What is the amount of goods available for sale for 2012?

a.$11,347

b.$15,314

c.$13,957

d.$24,865

63.              The following information comes from the annual reports of Devin Designs.

 

2012

2011

2010

Beginning inventory

?

?

2,250

Purchases

12,652

?

?

Goods available for sale

?

?

12,899

Ending inventory

?

2,662

?

Cost of goods sold

12,213

10,908

10,490

 

What is the ending inventory amount for 2012?

a.$24,865

b.$3,101

c.$2,223

d.$15,314

64.              Forrest’s Crab House purchased Florida stone crab on account on November 10, 2009, for a gross price of $87,000.  Forrest also purchased farm-raised catfish on account on November 11, 2009 for a gross price of $25,000.  The terms of both sales were 2/15, n/30.  Forrest paid for the first purchase on November 19, 2009, and for the second purchase on November 30.  If he uses the perpetual inventory method, his journal entry for November 19 would include:

     a debit to Inventory for $1,740.

     a debit to Inventory for $85,260.

      a credit to Inventory for $1,740.

     a credit to Accounts Payable for $87,000

65.              Forrest’s Crab House purchased Florida stone crab on account on November 10, 2010, for a gross price of $87,000.  Forrest also purchased farm-raised catfish on account on November 11, 2010 for a gross price of $25,000.  The terms of both sales were 2/15, n/30.  Forrest paid for the first purchase on November 19, 2010, and for the second purchase on November 30.  If he uses the perpetual inventory method, which of the following journal entries would Forrest make for November 30?

a.Inventory25,000

Accounts Payable              25,000

b.Accounts Payable25,000

Cash                                          25,000

c.Accounts Payable25,000

Cash24,500

Inventory     500

d.Accounts Payable24,500

Cash66.              Gump Supplies has the following information:

Beginning inventory$39,000

Inventory purchases  92,000

Transportation-in                11,300

An inventory count taken at year end indicates that inventory with a cost of $56,000 is on hand as of December 31, 2010.  Assume that inventory purchases and transportation-in are both reflected in the inventory account, which shows an ending balance of $59,000.  What is the amount of the cost of goods sold?

a.$123,300

b.$83,300

c.$60,700

d.$100,700

67.              Gump Supplies has the following information:

Beginning inventory$39,000

Inventory purchases  92,000

Transportation-in                11,300

An inventory count taken at year end indicates that inventory with a cost of $56,000 is on hand as of December 31, 2010.  Assume that inventory purchases and transportation-in are both reflected in the inventory account, which shows an ending balance of $59,000.  Which of the followingwould be the bestadjusting journal entry to make at the end of the period with respect to this information?

a.Inventory Shrinkage3,000

Inventory                            3,000

b.Inventory3,000

Inventory Overage              3,000

c.Inventory3,000

Purchases3,000

d.Cost of Goods Sold3,000

Sales68.              Dakota Industries has two items in inventory as of December 31, 2010.  Each item was purchased for $52.  Company management chose to write down Item #1 to $39, which at year-end was assessed to be its market value.  Management did not write down Item #2 because its market value was estimated to be greater than $52.  During 2010, each item was sold for $63 cash.

The journal entry for the write down of Item #1would include which of the following?

        Loss on Inventory Write-down               24

Inventory …………              24

       Inventory…………              13

Loss on Inventory Write-down              13

        Loss on Inventory Write-down               13

Inventory …………              13

       Inventory…………              24

Loss on Inventory Write-down              24

69.              Dakota Industries has two items in inventory as of December 31, 2010.  Each item was purchased for $52.  Company management chose to write down Item #1 to $39, which at year-end was assessed to be its market value.  Management did not write down Item #2 because its market value was estimated to be greater than $52.  During 2010, each item was sold for $63 cash.

If Dakota uses the perpetual inventory method, which of the following would be included in the entry or entries to record the sale of Item #1?

a.A debit to Sales for $63.

b.A credit to Inventory for $52.

c.A debit to Cost of Goods Sold for $39.

d.A credit to Cost of Goods Sold for $52.

70.              Grey Manufacturing had the following transaction:

            Grey received an order to sell inventory with a cost of $50,000, and debited Accounts Receivable and credited Sales.  The goods were shipped to the customer on December 31, 2010, and received on January 2, 2011.

If the terms of the sale were FOB shipping point and Grey included all these items in its ending inventory of 12/31/10, which of the following is the best statements regarding this treatment?

a.Grey made no mistake and rightfully included the items in its inventory until January 2, 2011.

b.Grey made a mistake and wrongly understated ending inventory.

c.Grey made a mistake and wrongly understated Cost of Goods Sold.

d.Grey made a mistake and wrongly understated Retained Earnings.

71.              Grey Manufacturing had the following transaction:

            Greyordered $67,000 of inventory on December 30, 2010.  The inventory was shipped on December 31, 2010, with the terms FOB destination.  Grey received the inventory on January 3, 2011.

If Grey included all these items in it ending inventory of 12/31/10, which of the following is the best statement regarding this treatment?

a.Grey made no mistake and rightfully included the items in its ending inventory for 12/31/10.

b.Grey made a mistake and wrongly overstated Inventory.

c.Grey made a mistake and wrongly overstated Cost of Goods Sold.

d.Grey made a mistake and wrongly overstated Retained Earnings.

 

 

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