Question 1

Consider the following facts for Company A: - Beginning inventory = $71,000 - Cost of goods purchased = $292,000 - Ending inventory = $69,000 Based on these facts, Company A's Days in Inventory ratio is ______ days.

Question 2

Consider the following facts: - Company A had inventory of $300,000 at the beginning of the period. - It wants inventory on hand to be $350,000 at the end of the period. - Net sales for the period are expected to be $1,500,000. - The gross profit rate is expected to be 30%. How much merchandise should Company A expect to purchase during the year?

Question 3

Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $585. - On April 15, it purchased 200 units of goods for $630. - On April 28, it purchased 150 units of goods for $510. - At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count. - Company A uses the FIFO inventory accounting method. Company A's cost of goods sold for April is:

Question 4

Consider the following facts: - Company A has the following inventory information: - Inventory at the beginning of January was 15 units purchased at $8.00 each. - On January 8, purchased 60 units @ $8.30 each - On January 17, purchased 30 units @ $8.40 each - On January 25, purchased 45 units @ $8.80 each - On January 31, a physical count showed 45 units on hand - Company A uses the periodic inventory system Company A's cost of goods sold under the average-cost method is:

Question 5

Consider the following facts: - Company A had product sales revenues of $30,000 for the month. - Its cost of goods sold was $18,000 for the month. - Its other operating expenses were $2,000 for the month. - Company A also had rent revenue of $500 for the month. - Also during the month, it sold a delivery truck for a gain of $1,000 during the month. For the month, Company A's gross profit was:

Question 6

Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $585. - On April 15, it purchased 200 units of goods for $630. - On April 28, it purchased 150 units of goods for $510. - At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count. - Company A uses the average-cost inventory accounting method. Company A's cost of goods sold for April is:

Question 7

Consider the following facts: - Company A has the following inventory information: - Inventory at the beginning of January was 15 units purchased at $8.00 each. - On January 8, purchased 60 units @ $8.30 each - On January 17, purchased 30 units @ $8.40 each - On January 25, purchased 45 units @ $8.80 each - On January 31, a physical count showed 45 units on hand - Company A uses the periodic inventory system - Company A uses the specific identification method. - The ending inventory includes 10 units from each of the purchases and 15 units from the beginning balance. Company A's cost of goods sold is:

1Question 8

Consider the following facts for Company A: - Beginning inventory = $45,000 - Cost of goods purchased = $190,000 - Ending inventory = $55,000 Based on these facts, Company A's Days in Inventory ratio is ______ days.

1Question 9

Consider the following facts: - Company A had product sales revenues of $30,000 for the month. - Its cost of goods sold was $18,000 for the month. - Its other operating expenses were $2,000 for the month. - Company A also had rent revenue of $500 for the month. - Also during the month, it sold a delivery truck for a gain of $1,000 during the month. For the month, Company A's operating income (loss) was

1Question 10

Consider the following facts: - Company A purchased goods for $50,000 - The purchase terms were 2/10,n/30 - Company A returned $1,000 of the goods - Company A paid freight of $250 on the shipment of the goods - Company A paid the invoice within the discount period As a result of this purchase, Company A's inventory increased by:

1Question 11

Consider the following facts: - Company V uses a periodic inventory system - Purchases were $600,000 during the period - Purchase Returns and Allowances were $25,000 during the period - Purchase Discounts were $11,000 during the period - Freight-In was $19,000 during the period - Beginning Inventory was $45,000 - Ending Inventory was $55,000 - Net Sales were $750,000 during the period Cost of Goods Sold for the period was:

1Question 12

Consider the following facts: - Company A sold products for $40,000 cash during the month. - Customers returned $1,000 of the products. - Company A's gross profit rate is 40%. Company A's net sales revenue and cost of goods sold will be which of the following for the month?

1Question 13

Consider the following facts: - Company A purchased goods for $20,000. - Its credit terms were 2/10, n/30. - Company A returned $400 of the goods to the seller and received credit on its account. - Company A paid the freight on the shipment of the goods originally. The freight cost was $100. - Company A made final payment for the goods within the discount period. Based on this scenario, Company A's inventory:

1Question 14

Consider the following facts: - Company A had product sales revenues of $30,000 for the month. - Its cost of goods sold was $18,000 for the month. - Its other operating expenses were $2,000 for the month. - Company A also had rent revenue of $500 for the month. - Also during the month, it sold a delivery truck for a gain of $1,000 during the month. For the month, Company A's non-operating income (loss) was:

1Question 15

Consider the following facts: - Company A's accounting records at the end of the year shows the following: Purchase Discounts $5,600 Freight In $7,800 Purchases $201,000 Beginning Inventory $23,500 Ending Inventory $28,800 Purchase Returns $6,400 - Company A uses the periodic inventory system. Company A's cost of goods purchased is:

2Question16

Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $585. - On April 15, it purchased 200 units of goods for $630. - On April 28, it purchased 150 units of goods for $510. - At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count. - Company A uses the average-cost inventory accounting method. Company A's ending inventory for April is

3Question 17

Company A had the following account balances at the end of its fiscal year: Cost of goods sold = $212,400 Freight-out = $7,000 Insurance expense = $6,000 Salaries and wages expense = $58,000 Rent expense = $32,000 Sales discounts = $7,000 Sales returns and allowances = $13,000 Sales revenue = $380,000 Company A's net income for the period is $ ___________.

3Question 18

Consider the following facts: - Company A has the following inventory information: - Inventory at the beginning of January was 15 units purchased at $8.00 each. - On January 8, purchased 60 units @ $8.30 each - On January 17, purchased 30 units @ $8.40 each - On January 25, purchased 45 units @ $8.80 each - On January 31, a physical count showed 45 units on hand - Company A uses the periodic inventory system Company A's ending inventory under FIFO is:

3Question19

Consider the following facts: - Company A had product sales revenues of $30,000 for the month. - Its cost of goods sold was $18,000 for the month. - Its other operating expenses were $2,000 for the month. - Company A also had rent revenue of $500 for the month. - Also during the month, it sold a delivery truck for a gain of $1,000 during the month. For the month, Company A's net income (loss) was: