Question 41 8 points Save Answer Cost of Goods Sold is increased in a journal entry with a It is an account. Debit; Asset A " Debit: Expense Credit: Asset . Credit: Expense Question 42 8 points Save Answer Branch Inc reported the following on Dec 31st. What is the company's gross profit? Amount $177,000 Account Sales Revenue Sales Allowance Cost of Goods Sold $27,000 Income Tax Expense Accounts Receivable Interest Receivable $100,000 $19.000 $95,000 $19.000 $77,000 OA B. 558.000 oc $50,000 0.585.000 Question 43 8 points Save Answer On the balance sheet, inventory is classified as: Long Term Asset Current Liability B. Contra Asset D. Current Asset Question 44 8 points Save Answer Company XYZ purchased inventory costing $100. On February 27th, Company XYZ sold it to a customer on account for $275 dollars. How should XYZ record the sale on February 27th? 9PI Inventory $175 Cost of Goods Sold $175 A. Sales Revenue $175 Accounts Receivable $175 Cost of Goods Sold Inventory Accounts Receivable B. Sales Revenue $100 $100 $275 $275 Accounts Receivable Sales Revenue Cost of Goods Sold $275 $175 $100 C. Cost of Goods Sold Inventory Accounts Receivable Sales Revenue $275 $275 $275 $275 Question 45 8 points Save Answer On December 1st William Co has inventory of $10,000. They purchase $100,000 on December 4th and $200,000 on December 20th Ending Inventory is $30,000. What was the cost of goods sold in December? A $300,000 B. $320,000 oc $270,000 D. $280,000 Aunt Connie Corp had the following Inventory. Aunt Connie Corp makes one sale of 200 units on December 23rd and uses the FIFO method to account for inventory. What is the cost of Goods Sold in December? What is the Ending Inventory in December? Date Transaction Units Cost Total Cost Jan 1 Beg. Inventory 100 $45 $4,500 Jan 10 Purchase $40 $6,000 Cost of Good Sold 58,500: Ending Inventory $2,000 Cost of Good Sold 58,250: Ending Inventory 52,250 Cost of Good Sold $4,500: Ending Inventory $6,000 Cost of Good Sold $8,400: Ending Inventory $2,100 Aunt Connie Corp had the following Inventory. Aunt Connie Corp makes one sale of 200 units on December 23rd and uses the LIFO method to account for inventory. What is the cost of Goods sold in December? What is the Ending Inventory in December? Date Transaction Total Cost Jan 1. Beg. Inventory_ 100 $4,500 Jan 10 Purchase $6.000 Cost of Good Sold 58,500: Ending Inventory $2,000 Cost of Good Sold 58.250 : Ending Inventory $2,250 Cost of Good Sold $4,500 : Ending Inventory 56,000 p. Cost of Good Sold 58,400 : Ending Inventory $2.100 Aunt Connie Corp had the following inventory. Aunt Connie Corp makes one sale of 200 units on December 23rd and uses the Weighted Average method to account for inventory. What is the cost of Goods Sold in December? What is the Ending Inventory in December? Date Transaction Units Costa Total Cost Jan 1. Beg Inventory 100 $45 $4500 Jan 10 Purchase 150 $40 $6000 Cost of Good Sold 58.500: Ending Inventory 52.000 A Cost of Good Sold 58.250: Ending Inventory 52.250 Cost of Good Sold 54,500: Ending Inventory 56,000 Cost of Good Sold 58,400: Ending Inventory 52.100 Yellow Company had the following transactions and uses a perpetual inventory system: March 1st: Bought $4,200 worth of inventory from Brown Corp on account March 5th Successfully returned $400 worth of product to Brown Corp March 25th Paid Brown Company in full What is the journal entry on March 25th that Yellow Corp would record: Account Payable Sales Discount OA Cash $4,200 $400 $3,800 Cash Accounts Payable . $4,200 $4,200 Inventory Sales Returns Cash $4,200 $400 $3,800 OC Accounts Payable Cash D. $3,800 $3,800 At the end of the year, a company reports the following inventory amounts ($ per unit): Item # of Units Cost Net Realizable Value 100 $5 56 200 $8 How much will inventory for each product need to be reduced using the lower of cost and net realizable value method? Reduce Produce X by $100 Reduce Product Y by $200 OA. Reduce Produce X by $o Reduce Product Y by $100 Reduce Produce X by $o Reduce Product Y by $200 Reduce Produce X by $100 Reduce Product Y by $0
