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cw490409_Scan 4 - 23 Given the following data what is cost...

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Unformatted text preview: 23) Given the following data, what is cost of goods sold as determined under the F_1F_O method? Salesrevenue 35? 350unitsat$35perunit 110 X 1'5- : 4800 Beginning inventory 510 <120 units at $15 per unit 2 30 X :20 : b 9 z) I I -_—__--- _.—i—I'----"-—_-.IP Purchases E: 170 400nmt5at$20perumt Soto 3873 (990‘) A) $5,250 - B) $7,000 C) $4,600 .55,400 24) Given the following data, calculate the cost of ending inventory using the LIFO costing method: J 1/1 Beginninginventory '35 unitsat$10perunit \h 35" ‘1' lb 3 35-0 2/25 Purchaseofinventory 10unitsat$12perunit Ahs‘io } 12. :9, 1?. D 5l20 Purchase of inventory 20 units at $13 per unit Li 7 O 8} 15 Purchase of inventory 30 units at $14 per unit 6770 5'" X I '33 10! 17 Purdiase of inventory _ 25 units at $15 per unit 9 S; 12/31 Ending inventory 50 units @ A) $500 B) $750 @ssas D) $725 25) When inventory prices are falling, the FlFO method will generally yield a gross profit that is: @less than under the LIFO method. 8) equal to the gross profit under the LIFO method. C) higher than under the-UFO method. D) FIFO does not generally cause a gross profit that is different from that under any other costing method. 26) Given the following data, by how much would taxable income change if UFO is used rather than FIFO?- F1 so L1 so .3 _ Begimlinginventory‘o 3 o £2,5001mitsat585 BEG 35’0“ 59:07.99 Punch “7”)! 05' : LL11 imbue Purchases , 033 ,800units at $95 m“ tuox‘if‘j‘tllobb 6% 300 s; fiafl Units son .5111;- 7’100 50mm 63 5} flan, . ._ 9.7 l 500 (2:: 319° 3 3-54,“ 310:. M65 @decrease by $32,000 B) increase by $71,000 C) increase by $32,000 D) decrease by $71,000 27) Land is purchased for $60,000. Back taxes paid by the purchaser were $2,400, clearing and grading mists were $3,000, fencing costs were $2 and lighting costs we $500. What is the cost of the land? A) $60,000 500W C) $66,700 “.400 Laue Impmva-MME Use the following infommtion to answer the qnesh'tms below: On Ianuary 2, 2004, Kansas Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. ”—0, (300 "lb 900 . {1/ 'r‘d” __l—"’ “-r 'Lo, bod/Vi g9} 0—3 23) If Kansas Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2005, during which period the asset was used 4,500 hours? A) $24,000 $20,000 C) $22,500 D) $27,000 29) What is the balance in Accumulated Depreciation on December 31, 2005, if Kansas Corporation uses the double—decliriirig—balance method of depreciation? A) $36,000 B) $23,200 C) $43,200 @$76,800 'l-afif- {101900 Y ”lg 21.118909 - HH,____,( “3’ “0 a? $00 4 2003' ”71.0.90 x ((07,: ¢__'——-—-- “16,300 ...
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