QUESTION 1

NO DOLLAR SIGN $ NO COMMAS , NO PERIODS . in answers. Sales 200000 : Sales Return 20000 : Sales Discount 10000 Purchases 120000 :Purchase Return 30000 :Purchase Discount 20000 Freight in 5000 :Beginning Inventory 15000 : Ending Inventory 30000 Admin Expense 45000 :Operating Expense 35000 ENTER Net Sales Value Blank 1

8 points

QUESTION 2

Purchase - purchase discount - purchase return = net purchase

From Facts in (1) above, Enter Net Purchases Blank 1

8 points

QUESTION 3

Purchase - purchase discount - purchase return + freight in = cost of purchase

From Facts in (1) above What is Cost of Purchase value Blank 1

8 points

QUESTION 4

Beginning inventory + purchase - purchase discount - purchase return + fright in = available for sale

From Facts in (1) above What is Available for Sales value Blank 1

8 points

QUESTION 5

total available = cost goods sold + ending inventory

From Facts in (1) above What is Cost of Goods Sold value Blank 1

8 points

QUESTION 6

Gross profit = net sales -- cost goods sold

From Facts in (1) above What is Gross Profit value Blank 1

8 points

QUESTION 7

Net profit = Gross Profit -- total expenses

From Facts in (1) above What is Net Profit value Blank 1

8 points

QUESTION 8

Gross profit = net sales -- cost goods sold

NEW FACTS: NO COMMAS NO DOLLAR SIGNS NO PERIODS in answers NEW FACTS: Net Sales 400000 :Gross Profit 30 % of Net Sales : Available for Sales 300000 : Net Profit 10 % of Net Sales Enter Cost of Goods Sold Value Blank 1

8 points

QUESTION 9

total available = cost goods sold + ending inventory

From Facts in (8) above What is Ending Inventory value Blank 1

8 points

QUESTION 10

Net profit =Gross Profit -- total expenses

From Facts in (8) above What is total expense value Blank 1

8 points

QUESTION 11

NEW FACTS: No DOLLARS SIGN No COMMAS No PERIODS in answer NEW FACTS: Ending Inventory at cost was $ 80000 :and current replacement cost (market) was $ 75000. Sales were $ 600000 and Available for Sales were $ 100000. Enter Cost of Goods Sold Value under LOWER COST OR MARKET Rules. Blank 1

total available for sale = cost of goods sold + ending inventory

8 points

QUESTION 12

Under Facts from (11) above What is Gross Profit under LOWER COST or MARKET Rules Blank 1

8 points

QUESTION 13

NEW FACTS: No DOLLAR SIGNS No COMMAS No PERIOD in answer Ending Inventory cost $ 70000 and the current replacement cost (market) for Ending Inventory is $ 80000. Available for Sales is $ 100000 and Net Sales is $ 90000. Enter Cost Goods Sold value Blank 1

8 points

QUESTION 14

Under Facts from (13) above What is Gross Profit under Lower Cost or Market Rules Blank 1