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Question 1 BaCo Company opens its business in 20X1 and purchases merchandise on account for $88,000. In 20X2, BaCo pays $67,000 cash on the $88,000 due, sales are $145,000, and ending inventory is $24,000. BaCo's gross profit for 20X2 is $57,000 $78,000 $81,000 $102,000 0.2 points Question 2 GeCo begins 20X4 with merchandise costing $69,000. Sales are $233,000, purchases are $198,000 and ending inventory is $81,000. GeCo's 20X4 cost of goods sold is $186,000 $210,000 $221,000 $245,000 0.2 points Question 3 On December 3, HuCo purchases merchandise for $47,000 on account, F.O.B. destination. Freight charges are $800. On December 26, HuCo pays the vendor $14,000. On HuCo's December 31 balance sheet, the Accounts Payable balance will be $33,000 $33,800 $47,000 $47,800 0.2 points Question 4 MoCo begins operations in April, uses the perpetual method, and records merchandise purchases at net. MoCo makes two purchases on account. Terms are 1/15, n/45. On April 4, MoCo purchases merchandise for $3,000, which it pays for on April 16. On April 11, it makes a $9,000 purchase that it pays for on April 29, but there are no sales in April. On April 30, the balance in MoCo's Inventory ledger account is $11,880 $11,910 $11,970 $12,000 0.2 points Question 5 PiCo uses the perpetual method. On February 17, PiCo sells $30,000 in merchandise on account that cost $10,000. On February 23, 10% of these goods are returned. Prepare the entry that PiCo makes on February 23 to record the sales return. Debit Sales Returns $3,000 and credit Accounts Receivable $3,000 Debit Sales Returns $1,000; debit Gross Profit $2,000; and credit Accounts Receivable $3,000 Debit Sales Returns $3,000 and credit Accounts Receivable $3,000 and then debit Inventory $1,000 and credit Cost of Goods Sold $1,000 Debit Sales Returns $3,000 and credit Accounts Receivable $3,000 and then debit Inventory $1,000 and credit Purchase Returns $1,000 0.2 points Question 6 RiCo uses the perpetual method for inventory and records purchases at gross. In 20X4, it has total merchandise purchases of $324,000. It returns $19,000 of the merchandise for full credit and receives $7,000 in allowances from its vendors for defective merchandise and takes cash discounts of $1,000. The net cost of RiCo's 20X4 merchandise purchases is $297,000 $298,000 $305,000 $324,000 0.2 points Question 7 VeCo, which uses the perpetual method, records merchandise purchases at gross. On October 3, VeCo buys $42,000 of merchandise on account. Terms are 2/10, n/40. On October 9, VeCo returns goods that cost $10,000. On October 11, VeCo pays $31,360. What entry does VeCo record on October 11? Debit Accounts Payable $31,360 and credit Cash $31,360 Debit Accounts Payable $32,000; credit Cash $31,360; and credit Purchase Discounts $640 Debit Accounts Payable $32,000; credit Cash $31,360; and credit Inventory $640 Debit Accounts Payable $31,360; credit Purchase Discounts $640; credit Cash $31,360; and credit Inventory $640 0.2 points Question 8 JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year-end, JaCo records the following entry to close out all inventory-related accounts and compute cost of goods sold. Ending Inventory 91,000 Purchase Returns 17,000 Cost of Goods Sold 850,000 Purchases 878,000 Freight-In 11,000 Beginning Inventory 69,000 Ending Inventory 91,000 Purchase Returns 17,000 Cost of Goods Sold 846,000 Purchase Discounts Lost 4,000 878,000 Purchases 11,000 Freight-In 69,000 Beginning Inventory Ending Inventory 91,000 Purchase Returns 17,000 Cost of Goods Sold 854,000 Purchases 878,000 Freight-In 11,000 Beginning Inventory 69,000 Purchase Discounts Lost 4,000 Ending Inventory 69,000 Purchase Returns 17,000 Cost of Goods Sold 894,000 Purchases 878,000 Freight-In 11,000 Beginning Inventory 91,000 0.2 points Question 9 JiCo uses the periodic method. Its beginning inventory is $43,000, purchases are $321,000, F.O.B. destination, purchase returns are $17,000, and freight is $9,000. The balance in JiCo's ledger Purchases account is $304,000 $317,000 $321,000 $330,000 0.2 points Question 10 LoCo, which uses the periodic method, purchases merchandise on account for $56,000, F.O.B. shipping point. Freight charges are $900 C.O.D. LoCo should record these purchases as debit Purchases $56,000; credit Accounts Payable $55,100; and credit Cash $900 debit Purchases $56,900; credit Accounts Payable $56,000; and credit Cash $900 debit Purchases $56,000; debit Freight-In $900; credit Accounts Payable $56,000; and credit Cash $900 debit Purchases $55,100; debit Freight-In $900; credit Accounts Payable $55,100; and credit Cash $900 0.2 points Question 11 NuCo uses the periodic method and has the following account balances: Purchase Returns $17,000; Beginning Inventory $4,000; Purchases $193,000; Freight-In $11,000; and Accounts Payable $23,000. What are NuCo's net purchases? $183,000 $187,000 $191,000 $210,000 0.2 points Question 12 VaCo, which uses the periodic method, is preparing its year-end journal entry to record cost of goods sold. It debits all of the following accounts except Beginning Inventory Cost of Goods Sold Purchase Discounts None of the above 0.2 points Question 13 WeCo uses the periodic method and has the following account balances: Purchase Returns, $19,000; Purchases, $812,000; Purchase Discounts, $8,000; Beginning Inventory, $21,000; Freight-In, $30,000; and Ending Inventory, $37,000. What is Demo's cost of goods sold? $769,000 $783,000 $799,000 $815,000 0.2 points Question 14 XaCo begins business in June and uses the periodic method. Its June merchandise purchases are $195,000 on account, F.O.B. shipping point. Merchandise that cost $3,000 is returned for credit. Goods that XaCo sells for $11,000 and that cost $7,000 are returned to XaCo for cash refunds. On July 6, XaCo pays a $6,000 freight bill for its June purchases. The net cost of XaCo's June purchases is $192,000 $198,000 $205,000 $209,000 0.2 points Question 15 YiCo buys 800 cases of tennis balls listed at $130 per case and for which YiCo is given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is $15,600 $26,520 $31,200 $77,350 0.2 points Question 16 XoCo, which begins business in May and uses the perpetual method and moving average costing, shows the following data: Purchases May 4 Sales 1,000 @ $7 May 11 400 @ $11 May 14 1,400 @ $8 May 19 2,000 @ $10 May 21 1,500 @ $15 The balance in XoCo's inventory account on May 31 is $20,833 $21,705 $22,125 $23,875 0.2 points Question 17 FoCo uses the periodic method and weighted-average costing. The cost of the 2,500 units in FoCo's 20X3 ending inventory is $32,500. FoCo has the following merchandise purchases during 20X4: 1,700 units in May @ $14; 3,500 units in June @ $19; and 2,300 units in October @ $21. Calculate the cost of the 1,200 units in ending inventory. $16,632 $20,532 $22,176 $25,200 0.2 points Question 18 HuCo begins operations in 20X4, uses the periodic method and makes the following merchandise purchases: Total Units Unit Cost Total Cost April 900 $6 $5,400 September 1,300 7 9,100 March 1,100 $ 8 $8,800 November 500 10 5,000 20X4 20X5 Assume HuCo uses weighted-average costing and has 700 units in 20X4 ending inventory. If HuCo sells 1,600 units in 20X5, what is its 20X5 cost of goods sold (round unit costs in the computation to the nearest penny)? $11,040 $11,760 $12,816 $13,800 0.2 points Question 19 LiCo uses the periodic method and weighted-average costing. On December 31, 20X7, LiCo's inventory consists of 1,800 units costing $5 each. In January, 20X8, LiCo purchases 4,000 units @ $9, of which it returns 700 units in March. It purchases 4,400 units in October @ $7, of which it returns 500 units in December. The weighted-average cost per unit of goods available for sale during 20X8 is $6.47 $6.79 $7.33 $7.92 0.2 points Question 20 SeCo begins operations in 20X6 and uses the periodic method and weighted-average costing. SeCo has the following merchandise purchases during 20X6: 700 units in March @ $4; $1,100 units in July @ $6; and 2,200 units in October @ $7. A physical count of ending inventory finds 1,000 units. Calculate the cost of goods sold. $6,200 $7,000 $18,600 $24,000 0.2 points Question 21 TuCo begins operations in 20X1 and uses the perpetual method and moving average costing. On January 4, TuCo buys 1,200 units of merchandise @ $3. On January 8, it sells 300 units. On January 11, it buys 1,100 units @ $4, and on January 30, it sells 600 units. On January 30, what does TuCo record as the cost of goods sold? (pp 68-74 #19) $1,800 $2,130 $2,400 $2,430 0.2 points Question 22 HuCo Company begins operations in 20X4, uses the periodic method, and makes the following merchandise purchases: Total Units Unit Cost Total Cost April 900 $6 $5,400 September 1,300 7 9,100 March 1,100 $ 8 $8,800 November 500 10 5,500 20X4 20X5 If HuCo uses FIFO costing and its December 31, 20X5 ending inventory is 800 units, then ending inventory on its balance sheet will be $5,600 $7,400 $8,800 $9,400 0.2 points Question 23 HuCo begins operations in 20X4, uses the periodic method and makes the following merchandise purchases: Total Units Unit Cost Total Cost April 900 $6 $5,400 September 1,300 7 9,100 March 1,100 $ 8 $8,800 November 500 10 5,500 20X4 20X5 If HuCo uses FIFO costing and sold 1,800 units each year, what is its 20X5 cost of goods sold? $10,300 $10,700 $14,200 $14,600 0.2 points Question 24 JoCo uses the periodic method and FIFO costing. JoCo's December 31, 20X2 inventory consists of 400 units bought in November, 20X2 @ $11. During 20X3, JoCo made the following purchases: 1,800 units @ $14 in January; 2,200 units @ $17 in July; and 2,300 units @ $13 in October. The December 31, 20X3 inventory consists of 1,300 units. JoCo's 20X3 cost of goods sold is $78,700 $79,900 $80,000 $80,800 0.2 points Question 25 MaCo begins operations in 20X1 and uses the periodic method and first-in, first-out (FIFO) costing. In March, 20X1, MaCo buys 700 units @ $4; in July, it buys 2,700 units @ $6; and in November, it buys 1,600 units @ $8. The cost of the 1,900 units in MaCo's December 31 ending inventory is $7,600 $10,000 $14,600 $15,200 0.2 points Question 26 NiCo begins operations in 20X4, makes all sales on account, uses the perpetual method and FIFO costing, and shows the following data: Purchases February 4 Sales 700 @ $7 May 11 400 @ $15 July 14 1,100 @ $8 September 19 3,000 @ $10 December 21 1,500 @ $18 On December 21, what entries does NiCo record? Accounts Receivable 27,000 Sales 27,000 Cost of Goods Sold 15,000 Inventory 15,000 Accounts Receivable 27,000 Sales 27,000 Cost of Goods Sold 9,200 Inventory 9,200 Accounts Receivable 27,000 Sales 27,000 Cost of Goods Sold 11,900 Inventory 11,900 Accounts Receivable 27,000 Sales Cost of Goods Sold 27,000 12,000 Inventory 12,000 0.2 points Question 27 TeCo uses the perpetual method and FIFO costing. TeCo's December 31, 20X5, inventory consists of 800 units @ $7. In 20X6, TeCo's merchandise purchases and sales are as follows: Purchases February 24 1,700 @ $9 June 11 August 18 September 1 Sales 2,000 @ $25 2,100 @ $11 1,600 @ $28 October 19 3,000 @ $14 November 29 2,700 @ $30 TeCo's December 31, 20X6 ending inventory is $10,100 $11,700 $12,600 $18,200 0.2 points Question 28 CuCo, which begins business in 20X8, uses the periodic method and LIFO costing. CuCo's 20X8 merchandise purchases are as follows: January 3 2,200 @ $5 April 16 1,800 @ $8 September 25 3,000 @ $6 December 4 1,100 @ $9 If CuCo's December 31, 20X8 ending inventory is 300 units, its 20X8 cost of goods sold is $49,900 $50,600 $51,800 $52,100 0.2 points Question 29 HuCo begins operations in 20X4, uses the periodic method and makes the following merchandise purchases: Total Units Unit Cost Total Cost April 900 $6 $5,400 September 1,300 7 9,100 March 1,100 $ 8 $8,800 November 500 20X4 20X5 10 If HuCo uses LIFO costing and sold 2,000 units in 20X4, what is its 20X4 cost of goods sold? $13,000 $13,100 $13,300 $14,000 0.2 points Question 30 HuCo begins operations in 20X4, uses the periodic method and makes the following merchandise purchases: Total Units Unit Cost Total Cost 20X4 April 900 $6 $5,400 September 1,300 7 9,100 March 1,100 $ 8 $8,800 November 500 20X5 10 If HuCo uses LIFO costing and sold 1,700 units each year, what is its 20X5 cost of goods sold? $12,700 $12,800 $14,300 $14,400 0.2 points Question 31 HuCo begins operations in 20X4, uses the periodic method and makes the following merchandise purchases: Total Units Unit Cost Total Cost April 900 $6 $5,400 September 1,300 7 9,100 March 1,100 $ 8 $8,800 November 500 20X4 20X5 10 Assume HuCo uses LIFO costing. It sold 1,500 units in 20X4 and has 1,000 units in its December 31, 20X5 ending inventory. What is ending inventory on its December 31, 20X5 balance sheet? $6,200 $6,600 $7,000 $8,000 0.2 points Question 32 KoCo begins business in 20X1 and uses the periodic method. In March, 20X1, KoCo buys 700 units @ $4; in July, it buys 2,700 units @ $6; and in November, it buys 1,600 units @ $8. Using LIFO, what is the cost of the 1,900 units in ending inventory? $7,600 $10,000 $14,600 $15,200 0.2 points Question 33 LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows: 20X4 20X5 20X6 March 300 @ $4 600 @ $8 900 @ $11 July 500 @ $5 900 @ $12 600 @ $14 September 200 @ $7 100 @ $9 700 @ $13 November 400 @ $6 700 @ $10 100 @ $16 If Demo sells 900 units in 20X4, its December 31, 20X4 ending inventory of 500 units is $2,000 $2,200 $3,000 $3,100 0.2 points Question 34 LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows: 20X4 20X5 20X6 March 300 @ $4 600 @ $8 900 @ $11 July 500 @ $5 900 @ $12 600 @ $14 September 200 @ $7 100 @ $9 700 @ $13 November 400 @ $6 700 @ $10 100 @ $16 If Demo has 200 units in its December 31, 20X4 ending inventory and 500 units in its December 31, 20X5 ending inventory, then its December 31, 20X5 inventory is $2,200 $3,200 $4,000 $5,000 0.2 points Question 35 LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows: 20X4 20X5 20X6 March 300 @ $4 600 @ $8 900 @ $11 July 500 @ $5 900 @ $12 600 @ $14 September 200 @ $7 100 @ $9 700 @ $13 November 400 @ $6 700 @ $10 100 @ $16 Assume Demo's December 31, 20X4 ending inventory is 300 units; its December 31, 20X5 ending inventory is 200 units (which is lower than its 20X5 beginning inventory); and its December 31, 20X6 ending inventory is 700 units. What is Demo's December 31, 20X6 ending inventory? $4,400 $5,600 $6,300 $7,700 0.2 points Question 36 LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows: 20X4 20X5 20X6 March 300 @ $4 600 @ $8 900 @ $11 July 500 @ $5 900 @ $12 600 @ $14 September 200 @ $7 100 @ $9 700 @ $13 November 400 @ $6 700 @ $10 100 @ $16 Assume Demo's December 31, 20X4 ending inventory is 300 units; its December 31, 20X5 ending inventory is 800 units; and its December 31, 20X6 ending inventory is 600 units (which is lower than its 20X6 beginning inventory). What is Demo's December 31, 20X6 ending inventory? $3,600 $4,400 $4,800 $6,600 0.2 points Question 37 MiCo opens for business in 20X3 and uses the periodic method and LIFO costing. On December 31, 20X3, there are 900 units of merchandise in MiCo's inventory @ $11. MiCo's 20X4 merchandise purchases are as follows: February 4 1,200 @ $14 March 10 2,000 @ $15 July 7 3,300 @ $18 October 21 4,200 @ $20 If Demo's December 31, 20X4 physical count shows 1,500 units in ending inventory, then ending inventory on Demo's balance sheet will be $18,300 $21,300 $21,900 $30,000 0.2 points Question 38 PaCo begins business in 20X3, uses the periodic method and LIFO costing and makes the following merchandise purchases: February 14 1,300 @ $50 March 11 2,800 @ $55 August 23 1,700 @ $58 November 1 1,200 @ $60 If PaCo's December 31, 20X3 inventory contains 1,500 units, its ending inventory is $75,000 $76,000 $89,400 $90,000 0.2 points Question 39 SiCo begins operations in 20X2 and uses the periodic method. SiCo's December 31, 20X2, ending inventory consists of 400 units bought in January, 20X2 @ $11. Its December 31, 20X3, ending inventory consists of 1,300 units. During January, 20X3, SiCo buys 1,800 units @ $14; in July, it buys 2,200 units @ $17; and in October, it buys 2,300 units @ $13. If SiCo uses last-in, first-out (LIFO), its 20X3 cost of goods sold is $78,700 $79,900 $80,000 $80,800 0.2 points Question 40 When WeCo begins operations in 20X4, it chooses the periodic method and LIFO costing. Within a given year's LIFO layer, it uses weighted average costing. During 20X4, WeCo makes the following merchandise purchases: May 30 400 @ $4 June 24 800 @ $5 October 11 900 @ $7 December 4 1,400 @ $6 If the December 31, 20X4 ending inventory is 1,000 units, and the December 31, 20X5 ending inventory is 300 units, what is the 20X5 ending inventory? $1,200 $1,380 $1,740 $1,800 0.2 points Question 41 Applying LCM, NeCo determines that as of December 31, 20X3, merchandise that originally cost $46,300 is now $43,500 at market. NeCo determines that the loss is not material enough to warrant disclosure as a line item on its income statement. Therefore, it should make an entry to increase cost of goods sold make an entry to reduce retained earnings make no entry and make no disclosures make no entry but disclose the loss in a note on the financial statements 0.2 points Question 42 JaCo has the following inventory at year end: Cases on Hand Cost per Case Market per Case Cars and trucks 12 $80 $75 Action figures 18 22 28 Pool toys 20 $56 $62 Sports novelties 80 32 29 Zoo animals 110 17 15 Board games 30 $34 $24 Jigsaw puzzles 50 21 23 Plastic Rubber Cardboard What is JaCo's ending inventory applying LCM by group? $8,156 $8,358 $8,436 $8,484 0.2 points Question 43 JaCo has the following inventory at year end: Cases on Hand Cost per Case Market per Case Cars and trucks 12 $80 $75 Action figures 18 22 28 Pool toys 20 $56 $62 Sports novelties 80 32 29 Zoo animals 110 17 15 Board games 30 $34 $24 Jigsaw puzzles 50 21 23 Plastic Rubber Cardboard What is JaCo's ending inventory applying LCM to total inventory? $8,156 $8,358 $8,436 $8,484 0.2 points Question 44 JaCo has the following inventory at year end: Cases on Hand Cost per Case Market per Case Cars and trucks 12 $80 $75 Action figures 18 22 28 Pool toys 20 $56 $62 Sports novelties 80 32 29 Zoo animals 110 17 15 Board games 30 $34 $24 Jigsaw puzzles 50 21 23 Plastic Rubber Cardboard What is JaCo's ending inventory applying LCM by item? $8,156 $8,358 $8,436 $8,484 0.2 points Question 45 NeCo determines that as of December 31, 20X3, merchandise that originally cost $46,300 is now $43,500 at market. NeCo determines that the loss is not material enough to warrant disclosure as a line item on its 20X3 income statement. Early in 20X4, the market value of NeCo's inventory unexpectedly increases to $47,500. If the original credit to write-down inventory was to the Inventory account, NeCo should make no entry and make no disclosure make no entry but disclose the loss in a note accompanying the financial statements recognize a $2,800 gain recognize a $4,000 gain 0.2 points Question 46 On December 15, 20X8, Do Co centers into a contractual agreement to take delivery on January 25, 20X9 of 10,000 pounds of nuts at a cost of $2.20 per pound. On December 31, 20X8, Do Co finds that the market price of the nuts has declined to $1.90 per pound, and management decides that the decline is permanent. DoCo should show these developments on its 20X8 financial statements as a $3,000 liability a $19,000 liability a $22,000 liability no liability 0.2 points Question 47 On December 15, 20X8, Do Co centers into a contractual agreement to take delivery on January 25, 20X9 of 10,000 pounds of nuts at a cost of $2.20 per pound. On December 31, 20X8, Do Co finds that the market price of the nuts has declined to $1.90 per pound, and management decides that the decline is permanent. When DoCo takes delivery on January 25, 20X9, the market price of nuts is $1.75 per pound. As a result, DoCo should debit Inventory $17,500 debit Inventory $22,000 debit Loss $4,500 debit Retained Earnings $3,000 0.2 points Question 48 TiCo has 1,000 units of merchandise on hand at year end. Each unit cost $32 and has a replacement cost of $29. Assume that the ceiling for each unit is $33 and the floor is $27. What per unit amount will Demo use for ending inventory on its balance sheet? $27 $29 $32 $33 0.2 points Question 49 TiCo has 1,000 units of merchandise on hand at year end. Each unit cost $32, has a replacement cost of $29, has an estimated selling price of $42, has a disposal cost of $4, and has an estimated normal markup of $7. If Demo applies the lower of cost or market (LCM) rule, what is the ceiling or upper limit? $25 $28 $29 $38 0.2 points Question 50 TiCo has 1,000 units of merchandise on hand at year end. Each unit cost $32, has a replacement cost of $29, has an estimated selling price of $42, has a disposal cost of $4, and has an estimated normal markup of $7. If Demo applies the lower of cost or market (LCM) rule, what floor or lower limit must TiCo use? $29 $31 $32 $35