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View Policies Current Attempt in Progress A company purchased inventory as follows: 100 units at $4.00 400 units at $5.00 The average unit cost for inventory is $4.50. $5.00. $4.80. $4.00. Save for Later Current Attempt in Progress Financial statement information follows as of the end of each year. Inventory Total current assets Total assets Current liabilities Total liabilities 2021 2020 $ 54,000 $ 48,000 81,000 106,000 382,000 326,000 27,000 36,000 102,000 88,000 Compute the current ratio for 2021. 3.75:1. 3.0:1 1.26:1. .80:1. Save for Later Question 36 View Policies Current Attempt in Progress In an exchange of plant assets that has commercial substance 0 0 0 0 gains, but not losses, are recognized immediately. both gains and losses are recognized immediately. losses, but not gains, are recognized immediately. neither gains nor losses are recognized immediately. Save for Later Your grade has been recorded in the Thu, May 21, 2020, 1:26:10 PM (America/New e Your grade has been recorded in the Gradebook. Thu, May 21, 2020, 1:26:10 PM (America/New York-04:00) --/ Question 35 View Policies Current Attempt in Progress A company exchanges its old office equipment and $81300 for new office equipment. The old office equipment has a book value of $55600 and a fair value of $40100 on the date of the exchange. The cost of the new office equipment would be recorded at cannot be determined $136900 $96800. $121400. Save for Later Attempts:0 of 1 used Submit Answer Your grade has been recorded in the Gradebook. Thu, May 21, 2020, 1:26:10 PM (America/New York-04:00) 21 Ajw Question 32 --/1 View Policies Current Attempt in Progress Songbird Company has sales of $150,000 and cost of goods available for sale of $135,000. If the gross profit rate is 30%, the estimated cost of the ending inventory under the gross profit method is $45,000 $30,000 $75,000. $15,000. Save for Later Attempts: 0 of 1 used Submit Answer Your grade has been recorded in the Gradebook. Thu, May 21, 2020, 1:26:10 PM (America/New York-04:00) om var Your grade has been recorded in the Gradebook. Thu, May 21, 2020, 1:26:10 PM (America/New York-04:00) --/1 Question 31 View Policies Current Attempt in Progress The following information was available for Paul Company at December 31, 2020: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $968,000; and sales $1,360,000. Paul's inventory turnover in 2020 was 13.8 times. 10.8 times. 12.1 times. 17.0 times. Save for Later Attempts:0 of 1 used Submit Answer was 21 AW ACC 415 FINAL A company exchanges its old office equipment and 581300 for new office equipment. The old office equipment QucLUITZ/ View Policies Current Attempt in Progress Coronado Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Units Total Per Unit Price $4 230 $920 110 5.3 Balance, 1/1/20 Purchase, 1/15/20 Purchase 1/28/20 583 110 5.7 627 An end of the month (1/31/20) inventory showed that 170 units were on hand. If the company uses LIFO, what is the value of the ending inventory? $680 $724 $945 $901 Attempts: 0 of 1 used Submit Answe Save for Later Your grade has been recorded in the Gradebook. Thu, May 21, 2020, 1:26:10 PM (America/New York-04:00) 21 SAW
