1. What is the primary difference between a manufacturer and a merchandiser?
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Question

1.What is the primary difference between a manufacturer and a merchandiser?Select one:

a. Merchandisers provide services to other businesses.

b. Merchandisers are retailers, while manufacturers are service providers

c. Merchandisers do not sell directly to the public, but rather only to manufacturers.

d. Merchandisers purchase finished goods ready to sell, whereas a manufacturer must create the goods.

e. Manufacturers buy the finished goods from a merchandiser then resell it, basically acting as a middle man.


2/3

Use the following information to answer questions 2 and 3 

Lumley Pty Ltd has a perpetual inventory system and sells only one product. 

80 items of inventory/stock costing $30 each were in the store at the beginning of June. 

20 more items were purchased for $50 each on the 12th June. 

90 items were sold for $100 each on the 28th June.  


2.Assuming a WEIGHTED AVERAGE system is used for inventory records, what was the cost of goods sold for the 28th June sale?

Select one:

a. $4,500

b. $1,000

c. $3,060

d. $2,700

e. $9,000


3.

Assuming a FIFO system is used for inventory records, what was the cost of goods sold for the 28th June sale?

Select one:

a. $2,400

b. $3,100

c. $2,900

d. $9,000

e. $3,060


4.

Blake is a member of an audit team conducting an external, independent audit of a company. He has undertaken this audit for a number of years now and knows the staff of the company well, including the management accountant of the company, with whom he plays golf once a month. Which fundamental ethical principal from the International Federation Of Accountants (IFAC) code of ethics and in Australia the accounting professional organisations' code of ethics (APES110), is the most likely to be threatened in these circumstances?

Select one:

a. Integrity

b. Professional Competence and due care

c. Objectivity

d. Confidentiality

e. Public interest


Use the following information to answer questions 5 and 6 

Exclusive Jewellers Ltd manufactures wedding rings has the following monthly costs: 

  • Staff wages $49,000 
  • Rent $1,800
  • Insurance $400 
  • The average ring sells for $800
  • The average materials cost is $100 
  • Electricity and other variable cost to make one ring is $60. 


5.

How many rings per month would Exclusive Jewellers Ltd need to sell to break-even?

Select one:

a. 640

b. 80

c. 180

d. 1,200

e. 160


6.

How much revenue per month would Exclusive Jewellers Ltd need sell to make a monthly profit of $16,000?

Select one:

a. $64,000

b. $84,000

c. $67,200

d. $105

e. $405

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