unit 8 - Grade Details 1. Question: Beginning inventory,...

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Grade Details 1. Question: Beginning inventory, purchases and sales data for tennis rackets are as follows: Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under Last-in, first-out: Your Answer: cost of merchandise sold $771; ending inventory $150 CORRECT ANSWER cost of merchandise sold $120; ending inventory $621 cost of merchandise sold $621; ending inventory $145 INCORRECT cost of merchandise sold $150; ending inventory $771 Points Received: 0 of 2 2. Question: Beginning inventory, purchases and sales data for tennis rackets are as follows: Apr 3 Inventory 12 units
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$45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under First-in, first-out: Your Answer: Points Received: 2 of 2 3. Question:
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This note was uploaded on 01/28/2011 for the course AC 114 taught by Professor Irynaoreshkova during the Spring '10 term at Kaplan University.

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unit 8 - Grade Details 1. Question: Beginning inventory,...

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