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Exam 6: Accounting for Inventory

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Question 81

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Use the following information to answer: The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period. -Assuming Quebec, Inc. uses LIFO periodic inventory procedures, the ending inventory cost is:

A) $1,989
B) $2,088
C) $2,166
D) $2,220

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Question 82

Multiple Choice

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Use the following information to answer: The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period. -Assuming Delacour, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

A) $1,680
B) $1,760
C) $1,120
D) $1,240

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Question 83

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Use the following information to answer: The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period. -Assuming Tina Star Company uses FIFO perpetual inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

Use the following information to answer: The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period. -Assuming Woof, Inc. uses LIFO perpetual inventory procedures, the ending inventory cost is:

Autok Fabricators, Inc. has 10 units in beginning inventory costing $45 each. It purchased 90 more for $36 each during the month. The company sold 80 units during the month. Autok used a periodic inventory system. Calculate cost of goods sold using: a. FIFO b. Weighted-average cost c. LIFO

Use the following information to answer: The following data regarding purchases and sales of a commodity were taken from the perpetual inventory account of He Company: -Using the perpetual , what amount would be reported by He Company for Cost of Goods sold for the month of May?

At year-end, The Big Chill Shop has a freezer on hand that has been used as a demonstration model. The freezer cost $1,170 and sells for $2,250 when new. In its present condition, the freezer will be sold for $1,140. Related selling costs are an estimated $60. At what amount should the freezer be carried in inventory?

Use the following information to answer: The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period. -Assuming Woof, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:

Use the following information to answer: Northern Creations Company imports and sells a product produced in Canada. In the summer of 2019, a natural disaster disrupted production, affecting its supply of product. Northern Creations Company uses the LIFO inventory method. On January 1, 2019, Northern Creations Company's inventory records were as follows: Through mid-December of 2019, purchases were limited to 8,000 units, because the cost had increased to $320 per unit. Northern Creations sold 14,200 units during 2019 at a price of $408 per unit, which significantly depleted its inventory. Northern Creations uses a periodic inventory system -Assume that Northern Creations Company purchases 11,400 more of the $320 units on December 31, 2019. Compute Northern Creations Company's gross profit for 2019.

Use the following information to answer: The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Mullenax Company for an operating period. -Assuming Mullenax Company uses FIFO perpetual inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

Tin Company and Aluminum Company reported the following information in their financial statements, prior to their merger: To the closest hundredth, how much is the 2019 inventory turnover for Tin Company?

Use the following information to answer: The following represents the inventory of Omar Company for the month of April: -Assuming a periodic inventory system is used by Omar Company, what is ending inventory under the Weighted-Average Cost method?

Use the following information to answer: The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of Tina Star Company for an operating period. -Assuming Tina Star Company uses LIFO perpetual inventory procedures, sale No. 1 is recorded as an entry to Cost of Goods Sold for:

Use the following information to answer: The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Woof, Inc. for an operating period. -Assuming Woof, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

SiSi Corporation sells three different products. The following information is available on December 31: When applying the lower-of-cost-or-net realizable value rule to each item, what will SiSi report as its cost of ending inventory on December 31?

A company discovered in 2020 that it had overstated the inventory balance for Dec 31, 2018 by $40,000. The company had (incorrectly) reported Net Income to be $1,200,000 for 2018, and $1,600,000 for 2019. What are the corrected Net Incomes for 2018 and 2019?