Question : 61. The inventory costing method that reports the earliest costs in : 1239811

 

 

61. The inventory costing method that reports the earliest costs in ending inventory is  A. FIFOB. LIFOC. Average costD. Specific identification

 

62. Which of the following companies would be more likely to use the specific identification inventory costing method? A. Gordon’s JewelersB. Lowe’sC. Best BuyD. Wal-Mart

 

63. Addison, Inc. uses a perpetual inventory system.  The following is information about one inventory item for the month of September: 

Sep. 1

Inventory

20 units at $20

         4

Sold

10 units

       10

Purchased

30 units at $25

       17

Sold

20 units

       30

Purchased

10 units at $30

 

 

 

If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is A. $800B. $650C. $750D. $700

 

64. Addison, Inc. uses a perpetual inventory system.  The following is information about one inventory item for the month of September: 

Sep. 1

Inventory

20 units at $20

         4

Sold

10 units

       10

Purchased

30 units at $25

       17

Sold

20 units

       30

Purchased

10 units at $30

 

 

 

If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is A. $800B. $650C. $750D. $700

 

65. When using a perpetual inventory system, the journal entry to record the cost of merchandise sold 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. No journal entry is made to record the cost of merchandise sold.

 

66. Under the _________ inventory method, accounting records maintain a continuously updated inventory value. A. retailB. periodicC. physicalD. perpetual

 

67. The inventory data for an item for November are: 

Nov.  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 a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO? A. $610B. $600C. $590D. $580

 

68. The inventory data for an item for November are: 

Nov. 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 a perpetual system, what is the cost of the merchandise sold for November if the company uses FIFO? A. $610B. $600C. $590D. $580

 

69. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each.  The following was taken from the inventory records during May.  The company had no beginning inventory on May 1. 

Date

Product Z

Units

Cost

May 3

Purchase

5

$20

May 10

Sale

3

 

May 17

Purchase

10

$24

May 20

Sale

6

 

May 23

Sale

3

 

May 30

Purchase

10

$30

 

 

 

 

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. $136B. $144C. $180D. $120

 

70. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each.  The following was taken from the inventory records during May.  The company had no beginning inventory on May 1. 

Date

Product Z

Units

Cost

May 3

Purchase

5

$20

May 10

Sale

3

 

May 17

Purchase

10

$24

May 20

Sale

6

 

May 23

Sale

3

 

May 30

Purchase

10

$30

 

 

 

 

Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold  for the sale of May 20 using the FIFO inventory cost method. A. $120B. $180C. $136D. $144

 

 

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