# Assignment02.pdf - Student I.D. NAME Assignment #2...

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1Student I.D.NAME Assignment #2 Accounting Principle: BUSS152(08) Due date:Dec. 6th Location:HMB206 (or via E-mail[email protected]) In case you might need your assignment to preparing for the final, you may submit the first page of answer sheet and keep the rest. Num.Ans.Num.Ans.Num.Ans.Num.Ans. 1112131 2122232 3132333 4142434 5152535 6162636 7172737 8182838 9192939 10203040
Chapter 5 & 61.When valuing ending inventory under a perpetual inventory system, the
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2. In a period of rising prices which inventory method generally provides the greatest amount of net income?
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3. Blosser Company's goods in transit at December 31 include: sales madepurchases made (1) FOB destination(3) FOB destination(2) FOB shipping point (4) FOB shipping point Which items should be included in Blosser's inventory at December 31?
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4.The following information was available from the inventory records of Queen Company for July: UnitsUnit CostTotal Cost Balance at July 130,000£2.25£67,500 Purchases: July 620,0002.5551,000 July 2627,0002.6070,200 Sales: July 7(25,000) July 31(40,000) Balance at July 3112,000 What should be the inventory reported on Queen’s July 31 statement of financial position using the FIFO inventory method? a.£27,000. b. £29,400. c.£31,200. d. £31,500.
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5.Brocken Co. has the following data related to an item of inventory: Inventory, May 13,000 units @ £4.20 Purchase, May 710,500 units @ £4.40 Purchase, May 162,100 units @ £4.50 Inventory, May 313,900 units The value assigned to cost of goods sold if Brocken uses weighted average-cost is
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6.A company just starting business made the following four inventory purchases in June: June1150 units¥2,600 June10200 units3,900 June15200 units4,200 June28150 units3,300 ¥14,000 A physical count of merchandise inventory on June 30 reveals that there are 100 units on hand. The inventory method which results in the highest gross profit for June is
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