Which of the following amounts could differ if a

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Survey of Accounting
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Chapter 1 / Exercise E1-22
Survey of Accounting
Warren
Expert Verified
18) Which of the following amounts could differ if a company, using the LIFO inventory costing method, shifts from a periodic inventory system to a perpetual inventory system?A) ending merchandise inventoryB) sales revenueC) purchasesD) purchase returnsAnswer: A19) The periodic inventory records of Northstar Sales indicate the following for the month of April:Apr. 1 Beginning merchandise inventory15 units @ $32 each7 Purchase7 units @ $34 each18 Purchase12 units @ $37 each26 Purchase10 units @ $40 eachAs of April 30, Northstar counts 8 units of merchandise inventory on hand.Compute ending merchandise inventory and cost of goods sold for Northstar using the LIFO inventory method.Answer: Ending inventory: 8 units @ $32 = $ 256Cost of goods available for sale:DateQuantityUnitCostTotal CostApr. 115 units$32$ 48077 units$34$ 2381812 units$37$ 4442610 units$40$ 400Totals44 units$1,562Cost of Goods Available for Sale$ 1,562Less: Ending Merchandise Inventory 256Cost of Goods Sold$ 1,306Diff: 2LO: 6-7AACSB: Application of knowledgeAICPA Functional: MeasurementPE Question Type: ConceptH2: Last-In, First-Out (LIFO) Method20) In the weighted-average inventory costing method, when using the periodic inventory system, a single weighted average cost per unit is computed for the entire period.Answer: TRUE21) When using the weighted-average inventory costing method, the dollar amounts for ending inventory and cost of goods sold are the same for both the perpetual and periodic inventory costing methods. Answer: FALSE22) Jacob, Inc. had the following balances and transactions during 2019:
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Chapter 1 / Exercise E1-22
Survey of Accounting
Warren
Expert Verified
Beginning Merchandise Inventory11 units at $92March 10Sold 8 unitsJune 10Purchased 33 units at $89October 30Sold 27 unitsWhat is the amount of the company's ending Merchandise Inventory, as disclosed in the December 31, 2019 balance sheet, using the periodic weighted-average inventory costing method? (Round the unit costs to two decimal places and total costs to the nearest dollar.)A) $109B) $89C) $326D) $808Answer: D23) A company uses the weighted-average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had thefollowing transactions during the year.1.Purchased 65 units at $7 per unit2.Purchased 130 units at $7 per unit3.Sold 110 units at $11 per unit4.Purchased 55 units at $8 per unit5.Sold 110 units at $13.25 per unitAt the end of the year, the company counted the inventory and found 30 units remaining. Calculate the cost of goods sold for the year. (Round the unit costs to two decimal places and total costs to the nearest dollar.)A) $7B) $217C) $1,805D) $1,588Answer: D24) When using the periodic inventory system and weighted-average inventory costing method, when is the weighted average cost per unit computed?Answer: When using the periodic inventory system and weighted-average inventory costing method, the weighted average cost per unit is computed at the end of the period (a single weighted average cost per unit is computed for the entire period).
25) The periodic inventory records of Canine Veterinary Supply indicate the following for

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