ACC 311 Quiz 6

ACC 311 Quiz 6 - Question 1 0 out of 1 points The average...

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Question 1 0 out of 1 points The average days to sell inventory is computed by dividing Answer Selected Answer: 365 days by cost of goods sold. Correct Answer: 365 days by the inventory turnover ratio. Question 2 1 out of 1 points Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 500 units during the month. Using the average cost method, what is the amount of ending inventory? Answer Selected Answer: $10,131. Correct Answer: $10,131. Question 3 1 out of 1 points Morgan Manufacturing Company has the following account balances at year end: Office supplies $ 4,000 Raw materials 27,000 Work-in-process 59,000 Finished goods 72,000 Prepaid insurance 6,000 What amount should Morgan report as inventories in its balance sheet? Answer
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$158,000. Correct Answer: $158,000. Question 4 1 out of 1 points June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 10 units that cost $20 per unit. During the current month, the company purchased 60 units at $20 each. Sales during the month totaled 45 units for $43 each. What is the cost of goods sold using the LIFO method? Answer Selected Answer: $900. Correct Answer: $900. Question 5 1 out of 1 points Net realizable value is Answer Selected Answer: selling price less costs to complete and sell. Correct Answer: selling price less costs to complete and sell. Question 6 1 out of 1 points Which of the following is a reason why the specific identification method may be considered ideal for assigning costs to inventory and cost of goods sold? Answer
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This note was uploaded on 11/08/2011 for the course ACC ACC 301 taught by Professor Kenny during the Spring '11 term at St. Leo.

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ACC 311 Quiz 6 - Question 1 0 out of 1 points The average...

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