LLS6e Ch 07 MC Quizzes

LLS6e Ch 07 MC Quizzes - Libby/Libby/Short6e...

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Libby/Libby/Short 6e Chapter 7 – Multiple-Choice Quizzes 1 Goods in the process of being manufactured, but not yet completed, are called: A) work in process inventory. B) raw materials inventory. C) unfinished goods inventory. D) merchandise inventory. Answer  A   2 Consider the following: Sales $80,000 Beginning merchandise  inventory $10,000 Purchases $45,000 Cost of goods sold $50,000 Determine the value of the ending merchandise inventory. A) $10,000 B) $15,000 C) $ 5,000 D) $25,000 Answer  Chapter 7 MC page 1
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3 Consider the following: Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit Second purchase 40 units @ $12 per unit Third purchase 20 units @ $13 per unit Eighty-three units were sold.  What is the value assigned to the ending inventory using the FIFO method of  inventory costing? A)
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LLS6e Ch 07 MC Quizzes - Libby/Libby/Short6e...

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