Acct 1501 final exam practice question

Acct 1501 final exam practice question - ACCT1501 2010 S1...

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ACCT1501 2010 S1 1 | P a g e ACCT1501 Final Exam Practice Questions Question 1 Inventory Kingsford Ltd’s beginning inventory and purchases during the year ended December 31, 2005 were as follow: Units Unit Cost Jan 1 Inventory 1,000 $50.00 Mar 10 Purchases 1,200 52.50 Jun 25 Sold 800 units Aug 30 Purchases 800 55.50 Oct 5 Sold 1,500 units Nov 26 Purchases 2,000 56.00 Dec 31 Sold 1,000 units Required: 1. Determine the cost of inventory on December 31, 2005, using the perpetual system and each of the following costing methods: a. FIFO b. LIFO 2. Determine the cost of inventory on December 31, 2005, using the periodic system and each of the following costing methods: a. FIFO b. LIFO c. Average method using annual weighted average
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ACCT1501 2010 S1 2 | P a g e Question 2 Ratio Analysis In 2008, SBS Ltd. was profitable, but ABC Learning Ltd. experienced a significant loss. Both companies have a financial year end at 30 June. Both companies’ financial statement relationships are outlined as follows: ABC learning Ltd. SBS Ltd. Return on Assets -4% 6% Quick Ratio 0.45 1.3 For each of the following transactions or events, indicate the directional effect (increase, decrease, no change) on the Return on Assets Ratio and Quick Ratio . 1. On 30 June 2008, ABC Learning Ltd. wrote down its licences from value of $800million to 23million. 2.
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Acct 1501 final exam practice question - ACCT1501 2010 S1...

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