61. In recording the cost of merchandise sold for cash, based on data available from perpetual inventory records, the journal entry is A. debit Cost of Merchandise Sold; credit SalesB. debit Cost of Merchandise Sold; credit Merchandise InventoryC. debit Merchandise Inventory; credit Cost of Merchandise SoldD. debit Accounts Receivable; credit Sales
62. The inventory system employing accounting records that continuously disclose the amount of inventory is called A. retailB. periodicC. physicalD. perpetual
63. The inventory data for an item for September are:
Sep. 1
Inventory
20 units at $19
4
Sold
10 units
10
Purchased
30 units at $20
17
Sold
20 units
30
Purchased
10 units at $21
Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandise sold for September? A. $610B. $600C. $590D. $580
64. Use the following information to answer Questions 23-28.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method. A. $196B. $204C. $240D. $124
65. Use the following information to answer Questions 23-28.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the average inventory cost method. A. $250B. $160C. $200D. $204
66. Use the following information to answer Questions 23-28.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the FIFO inventory cost method. A. $264B. $502C. $400D. $790
67. Use the following information to answer Questions 23-28.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. A. $78B. $90C. $102D. $180
68. Use the following information to answer Questions 23-28.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May the LIFO inventory cost method. A. $362B. $548C. $520D. $494
69. Use the following information to answer Questions 23-28.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the average inventory cost method. A. $502B. $452C. $500D. $450
70. Beginning inventory, purchases and sales data for tennis rackets are as follows:
Apr 3
Inventory
12 units
@
$45
11
Purchase
13 units
@
$47
14
Sale
18 units
21
Purchase
9 units
@
$60
25
Sale
10 units
Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under First-in, first-out: A. cost of merchandise sold $1,151; ending inventory $180B. cost of merchandise sold $180; ending inventory $1,151C. cost of merchandise sold $1,331; ending inventory $360D. cost of merchandise sold $360; ending inventory $1,331
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.
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 moreEach 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 moreThanks 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 moreYour 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 moreBy 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