Question : 71. Beginning inventory, purchases and sales data for tennis rackets as : 1234114

 

71. 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 Last-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

72. The following lots of a particular commodity were available for sale during the year 

Beginning inventory

10 units at $50

First purchase

25 units at $53

Second purchase

30 units at $54

Third purchase

15 units at $60

 

 

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the first-in, first-out method? A. $1,030B. $1,140C. $1,170D. $1,060

73. The following lots of a particular commodity were available for sale during the year: 

Beginning inventory

10 units at $60

First purchase

25 units at $63

Second purchase

30 units at $64

Third purchase

10 units at $70

 

 

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the last-in, first-out method? A. $1,230B. $1,220C. $1,240D. $1,340

74. The following lots of a particular commodity were available for sale during the year: 

Beginning inventory

10 units at $61

First purchase

25 units at $63

Second purchase

30 units at $64

Third purchase

15 units at $73

 

 

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the average cost method? A. $1,300B. $1,305C. $1,415D. $1,236

75. Under a periodic inventory system A. accounting records continuously disclose the amount of inventoryB. a separate account for each type of merchandise is maintained in a subsidiary ledgerC. a physical inventory is taken at the end of the periodD. merchandise inventory is debited when goods are returned to vendors

76. The following lots of a particular commodity were available for sale during the year: 

Beginning inventory

10 units at $60

First purchase

25 units at $63

Second purchase

30 units at $64

Third purchase

15 units at $70

 

 

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the lower of cost or market, using the first-in, first-out method, if the current replacement cost is $64 a unit? A. $1,200B. $1,230C. $1,280D. $1,370

77. During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is A. FIFOB. LIFOC. average costD. weighted average

78. During times of rising prices, which of the following is not an accurate statement? A. Average costing will yield results that are between those of fifo and lifoB. Lifo will result in a higher cost of merchandise sold than FifoC. Fifo will result in a higher net income than LifoD. Lifo will result in high income taxes than Lifo

79. If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is A. periodicB. LIFOC. FIFOD. average

80. If merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income? A. average costB. LIFOC. FIFOD. weighted average

 

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