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 November are:
Nov. 1
Inventory
20 units at $20
4
Sold
10 units
10
Purchased
30 units at $21
17
Sold
20 units
30
Purchased
10 units at $22
Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandise sold for November? A. $640B. $630C. $620D. $610
64. The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July.
Date
Product T
Units
Cost
July 3
Purchase
5
$15
July 10
Sale
3
July 17
Purchase
10
$17
July 20
Sale
6
July 23
Sale
3
July 30
Purchase
10
$20
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of July 20 using the Lifo inventory cost method. A. $98B. $102C. $120D. $62
65. The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July.
Date
Product T
Units
Cost
July 3
Purchase
5
$15
July 10
Sale
3
July 17
Purchase
10
$17
July 20
Sale
6
July 23
Sale
3
July 30
Purchase
10
$20
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of July 20 using the average inventory cost method. A. $125B. $80C. $100D. $102
66. The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July.
Date
Product T
Units
Cost
July 3
Purchase
5
$15
July 10
Sale
3
July 17
Purchase
10
$17
July 20
Sale
6
July 23
Sale
3
July 30
Purchase
10
$20
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of July using the Fifo inventory cost method. A. $132B. $251C. $200D. $395
67. The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July.
Date
Product T
Units
Cost
July 3
Purchase
5
$15
July 10
Sale
3
July 17
Purchase
10
$17
July 20
Sale
6
July 23
Sale
3
July 30
Purchase
10
$20
Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of July 23 using the Fifo inventory cost method. A. $39B. $45C. $51D. $90
68. The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July.
Date
Product T
Units
Cost
July 3
Purchase
5
$15
July 10
Sale
3
July 17
Purchase
10
$17
July 20
Sale
6
July 23
Sale
3
July 30
Purchase
10
$20
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of July the Lifo inventory cost method. A. $181B. $274C. $260D. $247
69. The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July.
Date
Product T
Units
Cost
July 3
Purchase
5
$15
July 10
Sale
3
July 17
Purchase
10
$17
July 20
Sale
6
July 23
Sale
3
July 30
Purchase
10
$20
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of July using the average inventory cost method. A. $251B. $226C. $250D. $225
70. Beginning inventory, purchases and sales data for tennis rackets are as follows:
Feb 3
Inventory
12 units
@
$15
11
Purchase
13 units
@
$17
14
Sale
18 units
21
Purchase
9 units
@
$20
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 491; ending inventory 90B. cost of merchandise sold 120; ending inventory 461C. cost of merchandise sold 461; ending inventory 120D. cost of merchandise sold 90; ending inventory 491
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