{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Quiz 3 - e ACC 311 Quiz 3 — 5 PointsEach Unless Marked...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: e}; ACC 311 «- Quiz 3 — 5 PointsEach Unless Marked Circie the most appropriate response Name M W firwwfim Section (time) _ gfim (1) The Austin Beverage Company hired some temporary workers to help count inventory. From that inven ory count they will determine Cost of Good Sold for 2007. Unfortunately, they added incorrectiy and nding inventory for 12/31/07 was overstated by $12,000. What would be the effect of this error? Beginning Inventory 2008 would be overstated. . 2007 Cost of Goods Sold would be understated. c 2007 Net Income wouid be overstated. f3”. All of the above are correct. ; None of the above are correct. (2) Using the information below what is the 2006 Cost of Goods Sold for this company a. (flag C? C} b ? W... Beginning Inventory (1/1/2006): $20,000 tfo’o¢a ea Ending Inventory (12/31/2006): $10,000 i“ “500:3?" V,.«ri3“t§:ginning Accounts Receivable (1/1/2006): $80,000 7 good} _.»E4nding Accounts Receivable (12/31/2006): $70,000 ~ , D co»; m“ Purchases: $50,000 ._.'..,3......... ‘ Ge 63} av U (3) True or-i Generally, Last In — First Out (LIFO) more ciosely approximates the current cost of Ending than First In ~— First Out (FIFO). (4) Mountain Camera started the year with 2 cameras that cost them $200 each. They purchased 2 cameras during the year at a cost of $300 each. They sold 3 cameras during the same year. What is their Cost of Goods Sold (in doilars) if they use Last In - FESatDut (LIFO)? .“ 1"“ng $2.... {:ZgZQg fiffi’wd} ? ‘2, $136.36..) 1' (”C-37“} - C, "K $943.3? 4.. Le,» Lw foo-tale [$4 r» l, - r5.) Cfis‘ig ”yr-“raw? El?— '39 Thad we ":— 3 55626;? as ”’r 1695" (5) Mason Computer Company started the year with 4 computers that cost them $1,000 each. They purchased 3 computers during the year at a cost of $2,000 each. They sold 5 computers during the same year. What is their Ending Inventory (in dollars) if they use First In :Eirflstfigut (FIFO) I”, WWW... . :0 e o a) WMWcrth LJL ? rag “7-3 (:0 t3 :3: eaWw ., .m; Q.€;s;,) *5 $3. 12‘, ( (Wed: at) (:7 Mari-1% 33": 3' (o f (:3 eye.) 7.... LQCRO ...
View Full Document

{[ snackBarMessage ]}