Examination 2

# Examination 2 - Homework Manager View My Grades Financial...

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View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Question 1: Score 0/3 Question 2: Score 0/3 Orange Kola, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: On January 14, Orange Kola, Inc. sold 24 units of this product. The other 27 units remained in inventory at January 31. Assuming that Orange Kola uses the LIFO flow assumption, the 27 units of this product in inventory at January 31 have a total cost of: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 17 \$ 9 \$ 153 Purchase (Jan. 11) 14 14 196 Purchase (Jan. 20) 20 16 320 Total 51 \$ 669 Your Answer: Choice Selected \$251. \$383. \$376. Some other amount. Selected Feedback: (7 × \$9) + (20 × \$16) = \$383 or 669–286 = 383 Orange Kola, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: On January 14, Orange Kola, Inc. sold 23 units of this product. The other 31 units remained in inventory at January 31. Assuming that Orange Kola uses the FIFO flow assumption, the 31 units of this product in inventory at January 31 have a total cost of: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 \$ 9 \$ 180 Purchase (Jan. 11) 14 12 168 Purchase (Jan. 20) 20 20 400 Total 54 \$ 748 Your Answer: Choice Selected \$216. Selected \$434. Page 1 of 12 Homework Manager - View My Grades - Financial Accounting ACCT 116A - Tuttle (Su. .. 7/21/2008 http://mh7.brownstone.net/modules/viewRecord.Login

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Question 3: Score 3/3 Question 4: Score 3/3 \$532. Some other amount. Feedback: \$748 – \$216 = \$532 Orange Kola, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: On January 14, Orange Kola, Inc. sold 24 units of this product. The other 23 units remained in inventory at January 31. Assuming that Orange Kola uses the average cost flow assumption, the cost of goods sold to be recorded at January 14 is (round cost per unit to nearest cent): Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 16 \$ 10 \$ 160 Purchase (Jan. 11) 11 13 143 Purchase (Jan. 20) 20 20 400 Total 47 \$ 703 Your Answer: Choice Selected \$309.68. \$224.81. \$249.58. Some other amount. Eagle Systems, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below: At December 31 the ending inventory consisted of 1,600 units. Compute the cost of the ending inventory based on the average-cost method of inventory valuation. Round your answer to the nearest dollar amount. Jan. 1
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Examination 2 - Homework Manager View My Grades Financial...

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