ACT102 Additional Final Exam Practice Questions(1).pdf - ACT102 Introduction to Accounting Additional Practice Questions The following questions are

ACT102 Additional Final Exam Practice Questions(1).pdf -...

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ACT102 Additional Final Exam Practice Questions 1 of 6 ACT102 Introduction to Accounting Additional Practice Questions The following questions are practice questions to help you prepare for the exam, and are indicative (if not a little harder) than the ones you will have in the exam. Note, some topics had more than one area to focus on, you should look at both areas, even if there is only one area here. Topic 6: Retail Inventory Question 1 J. R. Toys Store bought and sold a line of dolls of inventory and has the following records relating to its December 2012 inventory: Date Item Quantity (units) Unit Cost 1 st Dec. Beginning inventory 11 $10 3 rd Dec. Sale 6 9 th Dec. Purchase 14 $15 11 th Dec. Sale 13 15 th Dec. Purchase 10 $17 Required: J. R. Toys uses the perpetual inventory system , compute the cost of goods sold under: i. FIFO ii. LIFO iii. Average Cost (round amounts to the nearest cent i.e., two decimal places) iv. Which method results in the highest cost of goods sold?
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ACT102 Additional Final Exam Practice Questions 2 of 6 Topic 7: Accounting Information Systems Question 2 Shirley & Co. uses sales and purchases journals in its accounting system. The following transactions took place during March (ignore GST): March 2 Purchased inventory on credit from Dye Ltd, invoice 408, $420, terms 2/10, n/30. 6 Purchased inventory on credit from R. Rider, invoice 606, $600, terms 2/10, n/30. 11 Sold inventory on credit to R. Jetty, invoice 228, $1140. 14 Sold inventory on credit to Dynamics Ltd, invoice 229, $990. 19 Purchased inventory on credit from D. Donnelly, invoice 1614, $510, 2/10, n/30. 23 Sold inventory on credit to Dockey Ltd, invoice 230, $780. 28 Sold inventory on credit to G. Peck, invoice 231, $600, 2/10, n/30.
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