Given the following data, what is the cost of purchases?

Sales revenue $$725,000$

Cost of goods sold $345,000$

$2$ points

Ending inventory $250,000$

Beginning inventory $120,000$

A$)$ $$370,000$

B$)$ $$465,000$

C$)$ $$595,000$

D$)$ $$475,000$

$10.$ Given the following data, what is the cost of beginning inventory?

Sales revenue $$1,450,000$

Cost of goods sold $845,000$

$2$ points

Ending inventory $310,000$

Purchases $950,000$

A$)$ $$1,485,000$

B$)$ $$415,000$

C$)$ $$1,035,000$

D$)$ $$205,000$

$11.$ Sales taxes $($GST$/$HST$)$ paid by a merchandising company on its sales are normally included in the cost of goods sold account.

$2$ points

A$)$ True

B$)$ False

$12.$ Given the following data, calculate the cost of ending inventory using the FIFO costing method:

$\frac{1}{1}$ Beginning inventory $45$ units at $$10$ per unit

$2/25$ Purchases $40$ units at $$12$ per unit

$6/15$ Purchases $30$ units at $$13$ per unit

$\frac{9}{20}$ Purchases $25$ units at $$14$ per unit

$12/31$ Ending inventory $40$ units

A$)$ $$400$

B$)$ $$545$

C$)$ $$480$

D$)$ $$560$

$13.$ Given the following data, calculate the cost of goods sold for the $\frac{11}{15}$ sale using the weighted$-$average method for a perpetual inventory system, rounding to the nearest dollar. $($Do not round in the process of your calculations, only round your final answer.$)$

$\frac{1}{1}$ Beginning inventory $50$ units at $$10$ per unit

$\frac{3}{5}$ Purchases $30$ units at $$14$ per unit

$2$ points

$\frac{4}{15}$ Sale $20$ units at $$30$ per unit

$\frac{5}{30}$ Purchases $50$ units at $$15$ per unit

$11/15$ Sale $60$ units at $$32$ per unit

$12/31$ Ending inventory $50$ units

A$)$ $$720$

B$)$ $$771$

C$)$ $$785$

D$)$ $$1,920$

$14.$ Sales Company Ltd$.$ paid $$10$ wholesale for one unit of inventory for resale in the retail market. The same inventory can now be purchased for $$9.$ The retail sales price of the inventory is $$13,$ however, it normally costs $$2$ to sell each unit. Using the lower$-$of$-$cost$-$and$-$

$2$ points

net$-$realizable$-$value rule the inventory would be reported on Sales Company Ltd$.\text{'}$s balance sheet at:

A$)$ $$9$

B$)$ $$10$

C$)$ $$11$

D$)$ $$13$

$15.$ Grasshopper Room Company acquired land and buildings for $$1,500,000.$ The land is appraised at $$475,000$ and the buildings are appraised at $$775,000.$ The debit to the Buildings $2$ points account will be:

A$)$ $$930,000$

B$)$ $$775,000$

C$)$ $$1,025,000$

D$)$ $$570,000$

$16.$ Expenditures that increase the efficiency of an asset or extend its useful life are referred to as:

$2$ points

A$)$ immediate expenses

B$)$ capital expenditures

C$)$ equity expenditures

D$)$ ordinary repairs