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A company purchased $6,600 of merchandise inventory on account. Which of the journal entries would be required to record this transaction?

Select one:

a.

Accounts Payable	$6,600
Purchases		$6,000

b.

Cost of Good Sold	$6,600
Accounts Payable		$6,600

c.

Inventory	$6,600
Accounts Payable		$6,600

d.

Accounts Payable	$6,600
Inventory		$6,600

Question 7

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Which of the following businesses is most likely to use a specific identification cost flow method?

Select one:

a. Hardware Store

b. Grocery Store

c. Car Dealership

d. Roofing Company

Question 8

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A company purchased inventory at a cost of $65. It later sold the inventory to a customer for $100 cash. What is the journal entry to record the sale of the inventory?

Select one:

a.

Cash	$65
Revenue		$65
Cost of Goods Sold	$100
Inventory		$100

b.

Cash	$100
Revenue		$100
Cost of Goods Sold	$65
Inventory		$65

c.

Inventory	$100
Cash		$100

d.

Inventory	$65
Cash		$65

Question 9

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A company reported the following inventory transactions during the year:

1/1/2015	Beginning Inventory	20 units	@ $24
3/17/2015	Purchase	60 units	@ $28
7/28/2015	Purchase	40 units	@ $30
9/12/2015	Sale	100 units	@ $50

What is the ending inventory using the weighted average cost flow method?

Select one:

a. $600

b. $560

c. $547

d. $480

Question 10

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Using the weighted average cost flow method for the below transactions, calculate gross margin at year end:

1/1/2015	Beginning Inventory	20 units	@ $24
3/17/2015	Purchase	60 units	@ $28
7/28/2015	Purchase	40 units	@ $30
9/12/2015	Sale	100 units	@ $50

Select one:

a. $2,187

b. $2,240

c. $2,120

d. $2,200