Question 1 10 pts Your Company purchased two identical inventory items. The item purchased first cost $14.00, and the item purchased second cost $15.00. Your Company sold one of the items for $24.00. Which of the following statements is true? Ending inventory will be lower if weighted average is used rather than FIFO. Cost of goods sold will be higher if FIFO is used rather than weighted average. The dollar amount assigned to ending inventory will be the same no matter which cost flow method is used. O Gross margin will be higher if LIFO is used rather than FIFO. Question 2 10 pts Using the LIFO inventory method, what is the value of the ending inventory after the June sale? Purchase $ per Total Units Selling $ per unit unit Units Activity Purchased June 1 Purchased June 5 Purchased June 12 cost $180 15 $12 10 $13 $130 $280 20 $14 Total 45 $590 Sold on June 15 30 $25 O $197. 0.$210. O $180. $220. O $175 -CAPA Blackboard - Central Aut... P Person(Chemistry) TOP HAT Chegg Google Docs-VCU On October 1, Your Company sold merchandise in the amount of $5,800, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Your Company uses the perpetual inventory system. You received payment on October 16. Which journal entry records the October 16 transaction? O Cash Revenue Accounts Receivable 5,684 116 5,800 O Cash Accounts Receivable 5,684 5.684 Cash Sales discount Accounts Receivable 5,684 116 5,800 O Cash Sales discount Accounts Receivable 3,920 80 4.000 O Cash Accounts Receivable 5.800 5,800 Question 4 10 pts Your Company carries inventory at the lower of cost or market on an aggregate basis. Using the information below, what is the adjustment needed to the Inventory account? Per Unit Cost Item Units Inventory Cost Market Value A 825 $250 $255 B 178 $160 $158 450 $98 $100 D 125 $82 $79 $731 debit $731 credit $356 debit $356 credit $375 debit $375 credit Question 5 10 pts Your Company sold goods FOB destination to Jones Company. Which of the following is a true statement regarding this transaction? Shipping costs are paid by Your Company and immediately expensed. O Shipping costs are paid by Your Company and added to inventory costs. Shipping costs are paid by Jones Company and added to inventory costs. Shipping costs are paid by Jones Company and immediately expensed - Previous Next Not saved Submit Quiz Question 6 10 pts What is cost of goods sold given the five transactions below? (Beginning balance inventory = 5,000). Your Company purchased $50,000 of inventory on account, terms 2/10,n30. Your Company purchased inventory under FOB shipping point. Shipping cost $500. Your Company returned $10,000 of the inventory before paying its bill. Your Company paid the amount owed in the first transaction on day 8. Your company sold all of its inventory for $65,000 on account, terms 2/10,n30. . . $44,500 O.$44,700 $44,200 $39,700 $45,000 NC Book Air Question 7 10 pts Using LIFO, what is gross margin? Purchase $ per Date Activity Units unit Total cost Beginning 875 $48 $42.000 1-Jan balance 10-Jan Purchased 630 $46 $28.980 13-Feb Purchased 940 $52 $48,880 Cost of goods available for sale $119.860 Units available for sale 2.445 Selling $ per Unitsunit 15-Feb Sold 1,825875 $47,409 O $49,255 O $46,775 $45,995 MacBook Air F4 F6 F2 FB 9 Question 8 10 pts Your Corporation's unadjusted bank balance at September 30 is $700. The following information is available for the bank reconciliation Deposits in transit, $300 Outstanding checks, $500 Bank service charges, $35 Bank collected an accounts receivable for Your Company, $400 NSF check written by one of Your Company's customers, $600. What is Your Company's true cash balance? $465 $665 0 $865 $900 $500 Previous Next STBOOK AIR Question 9 10 pts Your Company had cost of goods sold of $10,350 million, beginning inventory was $6,315 million, and ending inventory was $7,843 million. What is inventory turnover? O 1.32 O 1.46 1.64 O 1.24