accounting practice review ch 5-9

can someone provide answers, need to compare my answers and make sure I did this correctly.

Usc the following data for the next 5 questions ndic inventory system. The purchases of a particular product during 2008 are shown below 600 units ( 500 units (a 700 units (a 200 units a 2,000 units Marie Co uses a periodic Tthe Jan. 1 May. 18 June. 11 Nov. 23 9.00- 5,400 9.504,750 $10.00 7,000 10.252.050 $19,200 Purchase Purchase Purchase Total 30% Daring the year, 1,050 units were sold at $22 each. Ending inventory contains 950 units 1. Refer to the above data Compute the cost of the ending inventory based on the LIFO method of inventory based on the LIFO method of inventory valuation. a. $9,525 b $9,675 $10,475 $8,725 None of the above , d e. 2 Refer to the above data. Compute the gross margin for 2008 hased on the LIFO method of inventory valuation. a. $13,575 b S12,275 c. $12,625 d. $13,37S e. None of the above Refer to the above data. Compute the cost of the ending inventory based on the FIFO method of inventory valuation. a $9,525 b. 59,675 c. $10,475 d $8,725 e. None of the above 3. 4. Refer to the above data. Compute the cost of goods sold for the current year based on the FIFO method of inventory valuation. a, b C. d. e. $9,525 $9,675 $10,475 $8,725 None of the above Refer to the above data. Compute the cost of goods sold based on the average-cost method of inventory valuation a. $10,560 b $8,250 c. $10,080 d $9,120 e. None of the above 5. 6 Mary Pizza reports net sales of $1,000,000, cost of goods sold of 5550,000, and net income of $80,.000. The company's gross margin is: a. $450,000 b $920,000 c. 5370,000 d. Sone other amount 7. Ace Shop uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted to $t 10,000, sales totaled $215,000, and the year-end inventory was $25,000. The cost of goods sold must have been: a. 5105,000 b. $110,000 c. $100,00 d. Sone other amount 8. Blue Company had accounts receivable of 5400,000 and an allowance for doubtful accounts of S17,000 just before writing off as worthless an account receivable from Red Company of $2,400. The net realizable values of the accounts receivable before and after the write-off were: a. $383,000 before and 5383,000 after b $400,000 before and $397,600 after c. $417,000 before and $414,600 after d $383,000 before and $380,600 after e. None of the above f 9 At December 31, before occurrod, the Allowance for Doubeful Accounts of Andy Corporation showed a debit balance of had debts expense would include a a. Credit to the Allowance for Doubtful Accounts for 533,900 b. Debit to Bad Debts Expense of $12,900 c. Debit to Bad Debts Expense of $8,100 d. Credit to the Allowance for Doubeful Accounts for $21,000 t. None of the above inicaned the amount probably uncollectible to be $21,000. Under these circumstances, a year-end adjusting entry for 10. At the start of the current year, year, Fran Company had a credit balancein the Allowance for Doubtful A courts of$6,00 At the end of thc year, a provision of 2% of re made during the year. Afler the year-end bad debts adjustment, The year-end financial statements should show: Com sales was made for estimated bad debts. Sales for the year were $2 accounts previously writen off mad .,000,000 and 537,000 ofaccounts seceivable were written off as worthless. No recoveries of Allowance for Doubtful Accounts with a credit ba b. Allowance for Doubtful Accourts with a credit balance of 543,000 e. Bad Debts expense of 537,000 d. Bad Debts expense of $77,000 e None of the above ance of 59,00 I1. Which of the following resulks in the inventory being stated ce the talance owing results in the inventory being stated cen the halance sheet at the most current acquisition costs? a. LIFO b. FIFO c Average cost d Specific idestification e. None of the above The following adjustod balance information is taken from the books of Elise Company on December 31, 2008 Bad Debt Expense Cash Sales Discounts Allowance for Bad Dechts Sales Retums and Allowances 1.750 Purchases Retuns and Alowances 0 200 2,200 Invetory, 1/1/2008 1,000 Accumulated Depreciation nod Earnings, 1/1/2008 Commun lesunaace Expense Purchases Discounts 1,800 80 Shock Purchases Selling Expense Depreciation Expense 200 Peqaid Insurance 230 80 Trasportation- Accounts Receivable Accounts Payable Immtory, 12/31/2008 300 12. Total current assets on December 31, 2008 balance sheet are a 2,740 b. 2,820 c 3,040 d. S 3,120 e. None of the above 13. Total assets on December 31, 2008 balance sheet are: a. 5 3,420 b 3,340 c. S 4,640 d. 3,640 e None of the above 14. Cost of Goods Available for Sale for 2008 is a $1,070 b 51,250 C. $1,150 d 5950 e. None of the above Is. Cost of Goods Sold for 2008 is: a. 5850 b. $950 c $ T70 d. 650 e. None of the above 16 Net Income for 2008 is a. $890 b $1,060 c. S1,320 d 5840 e. None of the above Usc the following data for the next 5 questions ndic inventory system. The purchases of a particular product during 2008 are shown below 600 units ( 500 units (a 700 units (a 200 units a 2,000 units Marie Co uses a periodic Tthe Jan. 1 May. 18 June. 11 Nov. 23 9.00- 5,400 9.504,750 $10.00 7,000 10.252.050 $19,200 Purchase Purchase Purchase Total 30% Daring the year, 1,050 units were sold at $22 each. Ending inventory contains 950 units 1. Refer to the above data Compute the cost of the ending inventory based on the LIFO method of inventory based on the LIFO method of inventory valuation. a. $9,525 b $9,675 $10,475 $8,725 None of the above , d e. 2 Refer to the above data. Compute the gross margin for 2008 hased on the LIFO method of inventory valuation. a. $13,575 b S12,275 c. $12,625 d. $13,37S e. None of the above Refer to the above data. Compute the cost of the ending inventory based on the FIFO method of inventory valuation. a $9,525 b. 59,675 c. $10,475 d $8,725 e. None of the above 3. 4. Refer to the above data. Compute the cost of goods sold for the current year based on the FIFO method of inventory valuation. a, b C. d. e. $9,525 $9,675 $10,475 $8,725 None of the above Refer to the above data. Compute the cost of goods sold based on the average-cost method of inventory valuation a. $10,560 b $8,250 c. $10,080 d $9,120 e. None of the above 5. 6 Mary Pizza reports net sales of $1,000,000, cost of goods sold of 5550,000, and net income of $80,.000. The company's gross margin is: a. $450,000 b $920,000 c. 5370,000 d. Sone other amount 7. Ace Shop uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted to $t 10,000, sales totaled $215,000, and the year-end inventory was $25,000. The cost of goods sold must have been: a. 5105,000 b. $110,000 c. $100,00 d. Sone other amount 8. Blue Company had accounts receivable of 5400,000 and an allowance for doubtful accounts of S17,000 just before writing off as worthless an account receivable from Red Company of $2,400. The net realizable values of the accounts receivable before and after the write-off were: a. $383,000 before and 5383,000 after b $400,000 before and $397,600 after c. $417,000 before and $414,600 after d $383,000 before and $380,600 after e. None of the above f 9 At December 31, before occurrod, the Allowance for Doubeful Accounts of Andy Corporation showed a debit balance of had debts expense would include a a. Credit to the Allowance for Doubtful Accounts for 533,900 b. Debit to Bad Debts Expense of $12,900 c. Debit to Bad Debts Expense of $8,100 d. Credit to the Allowance for Doubeful Accounts for $21,000 t. None of the above inicaned the amount probably uncollectible to be $21,000. Under these circumstances, a year-end adjusting entry for 10. At the start of the current year, year, Fran Company had a credit balancein the Allowance for Doubtful A courts of$6,00 At the end of thc year, a provision of 2% of re made during the year. Afler the year-end bad debts adjustment, The year-end financial statements should show: Com sales was made for estimated bad debts. Sales for the year were $2 accounts previously writen off mad .,000,000 and 537,000 ofaccounts seceivable were written off as worthless. No recoveries of Allowance for Doubtful Accounts with a credit ba b. Allowance for Doubtful Accourts with a credit balance of 543,000 e. Bad Debts expense of 537,000 d. Bad Debts expense of $77,000 e None of the above ance of 59,00 I1. Which of the following resulks in the inventory being stated ce the talance owing results in the inventory being stated cen the halance sheet at the most current acquisition costs? a. LIFO b. FIFO c Average cost d Specific idestification e. None of the above The following adjustod balance information is taken from the books of Elise Company on December 31, 2008 Bad Debt Expense Cash Sales Discounts Allowance for Bad Dechts Sales Retums and Allowances 1.750 Purchases Retuns and Alowances 0 200 2,200 Invetory, 1/1/2008 1,000 Accumulated Depreciation nod Earnings, 1/1/2008 Commun lesunaace Expense Purchases Discounts 1,800 80 Shock Purchases Selling Expense Depreciation Expense 200 Peqaid Insurance 230 80 Trasportation- Accounts Receivable Accounts Payable Immtory, 12/31/2008 300 12. Total current assets on December 31, 2008 balance sheet are a 2,740 b. 2,820 c 3,040 d. S 3,120 e. None of the above 13. Total assets on December 31, 2008 balance sheet are: a. 5 3,420 b 3,340 c. S 4,640 d. 3,640 e None of the above 14. Cost of Goods Available for Sale for 2008 is a $1,070 b 51,250 C. $1,150 d 5950 e. None of the above Is. Cost of Goods Sold for 2008 is: a. 5850 b. $950 c $ T70 d. 650 e. None of the above 16 Net Income for 2008 is a. $890 b $1,060 c. S1,320 d 5840 e. None of the above