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Unformatted text preview: Chapter 6 1. Which of the following should not be included in the physical inventory of a company? A. Goods held on consignment from another company. B. Goods shipped on consignment to another company. C. Goods in transit from another company shipped FOB shipping point. D. None of the above. 2. Cost of goods available for sale consist of two elements: beginning inventory and A. ending inventory. B. cost of goods purchased. C. cost of goods sold. D. all of the above. 3. Tinker Bell Company has the following: Units Unit Cost Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 $12 Purchase, Nov. 8 5,000 $13 If Tinker Bell has 9,000 units on hand at December 31, the cost of the ending inventory under FIFO is: A. $99,000. B. $108,000. C. $113,000. D. $117,000. 4. Tinker Bell Company has the following: Units Unit Cost Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 $12...
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- Spring '07
- Net Income, C. Goods