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ACC325_CH8_AnswerKey

ACC325_CH8_AnswerKey - ACCT 350 Fall 2010 Quiz#5 Name 1...

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ACCT 350, Fall 2010 Quiz #5 Name: ______________________________________ 1. Bell Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Bell, Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had $75,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? A) $650,000. B) $700,000. C) $725,000. D) $775,000. 2., Risers Inc. reported total assets of $1,600,000 and net income of $85,000 for the current year. Risers determined that inventory was understated by $23,000 at the beginning of the year and $10,000 at the end of the year. What is the corrected amount for total assets and net income for the year? Use the following to answer questions 3-4: The following information was available from the inventory records of Rich Company for January: Unit s Unit Cost Total Cost Balance at January 1 3,000 $9.77 $29,310 Purchases: January 6 2,000 10.30 20,600 January 26 2,700 10.71 28,917 Sales: January 7 (2,500) January 31 (4,000 ) Balance at January 31 1,200
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