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Aiello, Inc. had the following inventory in its fiscal year. The company uses the FIFO method of accounting for inventory.

Beginning Inventory, January 1:	130	units @ $15.00
Purchase	200	units @ $18.00
Purchase	50	units @ $13.50
Purchase	110	units @ $15.75
Ending Inventory, December 31:	120	units

The company's cost of goods sold for its fiscal year is:

Select one:

a.$6,157.50

b.None of these are correct.

c.$6,090.00

d.$6,067.50

e.$5,305.75

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The year-end financial statements for North Railway report the following information:

Year ended December 31,
(In millions)	Year 2	Year 1
Revenues	$19,829	$21,967
Property and equipment, net	49,000	47,608
Total assets	84,122	81,703

The annual property, plant and equipment turnover for year 2 is:

Select one:

a.0.46

b.0.41

c.0.25

d.1.74

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Fey Enterprises recorded a restructuring charge of $15.4 million during the year related entirely to the closing of its division located in Austin, Texas. The company's financial statement footnotes indicated that expected employee separation payments amounted to $12.0 million and that fixed asset write-downs accounted for the remainder. Fey had never before incurred restructuring charges. At the end of the year, the company's balance sheet included a restructuring accrual of $2,565,000 . The cash flow effect of Fey Enterprises' restructuring during the year is:

Select one:

a.$14,565,000

b.$9,435,000

c.$0 (there was no cash flow effect during the year)

d.$12,000,000

e.$12,835,000

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The year-end financial statements of City Health Corporation reported the following information (in millions):

	Year 2	Year 1
Net sales	$186,402	$160,955
Cost of sales	156,102	133,100
Inventories, net	14,760	14,001

The inventory turnover ratio for Year 2 is:

Select one:

a.10.86

b.None of these are correct.

c.12.96

d.10.58

e.10.06

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One difference between straight-line and double-declining-balance depreciation methods is that:

Select one:

A.Straight-line method will fully depreciate the asset more quickly.

B.Double-declining-balance method will fully depreciate the asset more quickly.

C.Income taxes paid will be lower under the double-declining-balance method.

D.Losses on disposal will be lower under the straight-line method.

E.None of the above.

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The year end financial statements for Pratt Inc., report the following information:

Year ended December 31,
(In millions)	Year 2	Year 1
Depreciation expense	$86.8	$83.5
Property, Plant and equipment, net	565.5	540.8
Land (included in net PPE above)	37.7	40.0
Accumulated depreciation	932.0	917.2

Which of the following estimates the property and equipment's percent-used-up at December 31, Year 2?

Select one:

a.15.3%

b.64.8%

c.60.7%

d.62.2%

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Central Supply purchased a new printer for $70,875 . The printer is expected to operate for nine (9) years, after which it will be sold for salvage value (estimated to be $7,088 ). How much is the first year's depreciation expense if the company uses the double-declining-balance method?

Select one:

a.$14,175

b.$7,875

c.None of these are correct.

d.$15,750

e.$18,900

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The year-end financial statement of Wando's Vineyards reported Net revenues of $19,425,412 and Cost of goods sold of $7,204,884 in year 2. Note 3 to the financial statements reported that Inventories consisted of:

	Year 2	Year 1
Winemaking and packaging materials	$817,836	$690,292
Work-in-process	6,634,014	6,058,701
Finished goods	4,518,806	3,883,469
Total inventories	$11,970,656	$10,632,462

The inventory turnover for Year 2 was:

Select one:

a.0.64

b.0.68

c.None of these are correct.

d.0.6

e.1.71

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Car Facts Inc. reports sales of $16,668,874 thousand and cost of sales of $13,691,824 thousand for the fiscal year ended February 28. The gross profit for the year is:

Select one:

a.$1,537,580 thousand

b.82.1%

c.There is not enough information to determine gross profit.

d.17.90%

e.$2,977,050 thousand

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Hasten Corporation has the following metrics for the year.

Amount in days
Days sales outstanding	40.2
Days payables outstanding	27.3
Days inventory outstanding	65

The cash conversion cycle for the year is:

Select one:

a.67.5 days

b.2.5 days

c.77.9 days

d.None of these are correct.

e.52.1 days