Question
Question 25 Q: A company issues 10,000 shares of common stock. The par value is $3 per share, and the shares are sold for $20
Question 25
Q: A company issues 10,000 shares of common stock. The par value is $3 per share, and the shares are sold for $20 per share. How much should additional paid-in capital (APIC) be credited?
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| A. | $30,000 |
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| B. | $20,000 |
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| C. | $200,000 |
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| D. | $170,000 |
1 points
Question 26
Q: ABC Corp. has 110 units of inventory. 50 were purchased on April 15 and have a unit cost of $5.00. 60 were purchased on May 1 and have a unit cost of $5.20. On May 3, ABC sells 55 units of this product. Using the LIFO (last-in, first out) cost flow assumption, what COGS should ABC recognize for the sale on May 3 of 55 units?
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| A. | 302.50 |
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| B. | 300.50 |
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| C. | 286 |
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| D. | 290 |
1 points
Question 27
Crivitz TV Company purchases three identical 50-inch TVs on different dates at costs of $700, $750, and $800. After the last purchase, Crivitz sells two sets at $1,200 each. What should be the value of the one TV set left in Crivitz's inventory after that sale?
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| A. | $700 |
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| B. | $750 |
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| C. | $800 |
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| D. | Answer will depend on the cost flow assumption adopted. |
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