Chapter 08 - Quiz

Chapter 08 - Quiz - Chapter #8 Name Take-Home Quiz...

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Chapter #8 Take-Home Quiz Name Section/Time Chapter 08 - Take-Home Quiz.doc Instructions: The questions in this quiz are very similar to the types of questions you will see on the midterm and final exams. Circle the choice that best answers the question. Turn in your quiz at the beginning of class on the scheduled due date. I suggest you work on this take-home quiz individually to maximize the learning potential. However, you are permitted to work on the quizzes in groups. 1. Goods in transit which are shipped f.o.b. destination should be a. included in the inventory of the seller. b. included in the inventory of the buyer. c. included in the inventory of the shipping company. d. none of these. 2. The following information was derived from the 2004 accounting records of Kelly Co.: Kelly's Goods Kelly's Central Warehouse Held by Consignees Beginning inventory $260,000 $ 28,000 Purchases 950,000 140,000 Freight-in 20,000 Transportation to consignees (treat as freight-in) 10,000 Freight-out 60,000 16,000 Ending inventory 290,000 40,000 Kelly's 2004 cost of sales was a. $940,000. b. $1,000,000.
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This note was uploaded on 01/20/2011 for the course ACC 301 taught by Professor Staff during the Fall '08 term at Kentucky.

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Chapter 08 - Quiz - Chapter #8 Name Take-Home Quiz...

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