INVENTORY week 8_1 Questions

INVENTORY week 8_1 Questions - Question Goods in the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Question Goods in the process of being manufactured, but not yet completed, are called: Answer a work in process inventory . b raw materials inventory. c unfinished goods inventory. d merchandise inventory. Question Consider the following: Sales $80,000 Beginning merchandise inventory $10,000 Purchases $45,000 Cost of goods sold $50,000 Determine the value of the ending merchandise inventory. Ending inventory = Beginning inventory + Purchases - Cost of goods sold Ending inventory = 10,000 + 45,000 – 50,000 Ending inventory = $5,000 Question Consider the following: Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit Second purchase 40 units @ $12 per unit Third purchase 20 units @ $13 per unit Eighty-three units were sold. What is the value assigned to the ending inventory using the FIFO method of inventory costing? The value is $284 Question Consider the following: Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit Second purchase
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/29/2010 for the course ENGINEERIN 305 taught by Professor Martincandell during the Spring '10 term at Rio Hondo College.

Page1 / 3

INVENTORY week 8_1 Questions - Question Goods in the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online