Barron Industries has the following information: Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory $620,000 64,000 440,000 54,000 What is Barron's number of days to sell? (Round intermediate calculations to 2 decimal places. Assume 365 days a year.) Multiple Choice 0 34.7 days 53.1 days 37.7 days 48.9 days The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,850,000 440,000 475,000 What is the number of days to sell? (Round your intermediate calculations and final answer to 2 decimal places. Assume 365 days a year.) Multiple Choice 182.50 days 93.70 days 86.90 days 90.35 days Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM/NRV is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? Product Line Rustic Mediterranean Contemporary Cost per Unit $ 800 700 1,130 Market Value per Unit Quantity $925 390 805 500 650 375 Multiple Choice 0 ($180,000) ) $101,250 ($78,750) o oo ($30,000) AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October 2 Goods available for sale 300 units @ 20 400 units @ 21 300 units @ 22 500 units @ 23 $ 6,000 8,400 6,600 11,500 $32,500 There are 700 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multiple Choice $11,500 $15,900 o $14,400 o 0 $6,000 $6,000 Alphabet Company, which uses the periodic inventory method, purchases different letters for resale. Alphabet had no beginning inventory. It purchased A thru G in January at $6.00 per letter. In February, it purchased H thru Lat $8.00 per letter. It purchased M thru R in March at $9.00 per letter. It sold A, D, E, H, J and N in October. There were no additional purchases or sales during the remainder of the year. If Alphabet Company uses the LIFO method, what is the cost of its ending inventory? Multiple Choice $54.00 o $82.00 o $106.00 o o $36.00 Sugar, Inc. sells $769,300 of goods during the year that have a cost of $548,600. Inventory was $31,283 at the beginning of the year and $35,538 at the end of the year. How long on average does it take to sell something from inventory after it is purchased? (Use 365 days in a year. Do not round your intermediate calculations. Round your final answer to one decimal place.) Multiple Choice O 16.4 days C) 55.3 days Oo oo O 22.2 days 15.9 days The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 750 units at $10 each on January 1. Xu purchases 1,000 units at $9 each in February and 450 units at $11 each in March. There were no additional purchases or sales during the remainder of the year. Xu sells 800 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold? Multiple Choice $7,900 o $8,100 o $400. o $8,800 o Merle Industries had been selling its product for $30 per unit, but recently lowered the selling price to $20 per unit. The company's current inventory consists of 225 units purchased at $26 per unit. The market value of this inventory is currently $18 per unit. At what amount should the company's inventory be reported on the balance sheet? Multiple Choice $4,500 $4,050 $6,750 $5,850 Cortez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $20,000, cost of goods sold of $28,000, and ending inventory of $22,000. How much inventory was purchased during the year? Multiple Choice $26,000. $24,000. $16,000. $30,000. Alphabet Company, which uses the periodic Inventory method, purchases different letters for resale. Alphabet had no beginning Inventory. It purchased A thru G in January at $2.00 per letter. In February, it purchased H thru L at $4.00 per letter. It purchased M thru R in March at $5.00 per letter. It sold A, D, E, H, J and N in October. There were no additional purchases or sales during the remainder of the year. If Alphabet Company uses the weighted average method, what is the cost of its ending inventory? (Round the per unit cost to two decimal places and then round your answer to the nearest whole dollar.) Multiple Choice