Question : 61. In recording the cost of merchandise sold for cash, based : 1247167

 

 

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

 

 

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