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El 1. Inventory does not include: A. Materials used in the production of goods to be sold. B. Assets intended to be sold in the normal course of business. C. Equipment used in the manufacturing of assets for sale. D. Assets currently in production for normal sales. 2. The largest expense on a retailer's income statement is typically: A. Salaries. B. Cost of goods sold. C. Income tax expense. D. Depreciation expense. 3. Cost of Goods Sold is: A. An asset account. B. A revenue account. C. An expense account. D. A permanent equity account. 4. Cost of goods sold equals: A. Beginning inventory net purchases + ending inventory. B. Beginning inventory + accounts payable - net purchases. C. Net purchases + ending inventory beginning inventory. D. Beginning inventory + net purchases - ending inventory.Chapter 06 - inventory and Cost of Goods Sold 5. Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $150,000 and ends the year with $20,000 of inventory. Baker will report cost of goods sold equal to: A. $150,000. B. $158,000. C. $142,000. D. $170,000. 6. Tyler Toys has beginning inventory for the year of $18,000 During the year, Tyler purchases inventory for $230,000 and has cost of goods sold equal to $233,000. Tyler's ending inventory equals: A. $15,000. B. $18,000. C. $21,000. D. $19,000. 7. Inventory records for Dunbar Incorporated revealed the following: Numbcr Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 500 $2.40 Apr. 20 Purchase 400 2.50 Dunbar sold 700 units of inventory during the month. Ending inventory assuming LIFO would be: A. $500 B. 3490. C. $470. D. $480.00000 Ultra '3 11:18 AM Chapter 06 - Inventory and Cost of Goods Sold 8. Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20 Purchase Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming LlFO would be: A. $1,730. B. $1,700. C. $1,720. D. $1,710. 9. Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning inventory Apr. 20 Purchase Dunbar sold 700 units of inventory during the month. Ending inventory assuming FIFO would be: A. $500. B. $490. C. $470. D. $480. Number of Units 500 400 Number of Units 500 400 6-3 Unit Cost $2.40 2.50 Unit Cost $2.40 2. 50oooo Ultra '6 11:19 AM 6' 53% DD Chapter 06 - Inventory and Cost of Goods Sold 10. Inventory records for Dunbar Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 500 5240 Apr. 20 Purchase 400 2.50 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be: A. $ 1 ,730. B. $1,700. C. $1,720. D. $1,710. 11. Inventory records for Dunbar lncorporated revealed the following: Number Unit Datc 'l'ransaction of Units Cost Apr. 1 Beginning inventory 500 $2.40 Apr. 20 Purchase 400 2.50 Dunbar sold 700 units of inventory during the month. Ending inventory assuming weighted- average cost would be (round weighted-average unit cost to four decimals if necessary): A. 3502. B. $490. C. $489. D. 5480. 6-4oooo Ultra '6 11:19 AM 6' 53% DD Chapter 06 - Inventory and Cost of Goods Sold 12. Inventory records for Dunbar Incorporated revealed the following: Number Unit Dale Transaclion of Units Cost Apr. 1 Bcgimiing inventory 500 S2.40 Apr. 20 Purchase 400 2.50 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming weighted- average cost would be (round weighted-average unit cost to four decimals if necessary): A. $l,71 l. B. $1,700. C. $1,720. D. $ 1 ,708. 13 Inventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units Cost Mar. 1 Beginning inventory l,000 $7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Ending inventory assuming LlFO would be: A. $5,040. B. $5,055. C. $5,075. D. $5,13S. 6-5oooo Ultra '3 11:19 AM 6' 53% DD' Chapter 06 Inventory and Cost of Goods Sold 14. Inventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units Cost Mar. 1 Beginning inventory l,000 S7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Ending inventory assuming FIFO would be: A. $5,140. B. $5,080 C. $5,060 D. $5,050 15. Inventory records for Marvin Company revealed the following: Number Unit Date 'l'ransaotion of Units Cost Mar. 1 Beginning inventory l,000 S7.20 Mar. 10 Purchase 600 7.25 Mar. 16 Purchase 800 7.30 Mar. 23 Purchase 600 7.35 Marvin sold 2,300 units of inventory during the month. Ending inventory assuming weighted- average cost would be (round weighted-average unit cost to four decimals if necessary): A. SS,087 B. $5,107 C. $5,077 D. $5,005