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QUESTION 5 Bellarus Inc. is a new business. During its first year of business, Bellarus purchased 10,000 widgets from a supplier for S3 cach. Bellarus
QUESTION 5 Bellarus Inc. is a new business. During its first year of business, Bellarus purchased 10,000 widgets from a supplier for S3 cach. Bellarus paid $2,000 in shipping charges to have the widgets shipped to Bellarus. Bellarus sold all of the widgets in Year 1 for $5 each. Bellarus paid $3,000 to have the widgets shipped to the customers. Bellarus will report cost of goods sold equal to: A. 50000 B. 32000 C.30000 D. 51000 E. 35000 QUESTION 6 Bellarus Inc. is a new business. During its first year of business, Bellarus purchased 10,000 widgets from a supplier for $3 each. Bellarus paid $2,000 in shipping charges to have the widgets shipped to Bellarus. Bellarus sold all of the widgets in Year 1 for $5 each. Bellarus paid $3,000 to have the widgets shipped to the customers. The corporation issued 1,000 shares of common stock to the shareholders on January 1. Year 1. No additional shares of stock were issued. Bellarus will report earnings per share (EPS) of: (Hint, you will use the COGS you just calculated as one of the numbers needed to determine the Net Income.) A. 50.00 B. 47.00 C.5.00 D. 18.00 E. 15.00 QUESTION 8 Scanlon Company sells 1,000 widgets to Avon Inc. for $14 each, FOB shipping point. The widgets are shipped on December 26, Yeart and arrive at Avon on January 3, Years. When should Scanlon record the sales revenue? A In Years OB. When Scanlon replaces the inventory C. In Year4 D. When Avon pays the bill QUESTION 12 Peeke Company uses the periodic method of accounting. Peeke Company has the following inventory information summarizing activity during November: Beginning Inventory 100 units @ $30.00 per unit 60 units @ $35.00 per unit Purchase #1 Purchase #2 40 units @ $40.00 per unit Ending Inventory (physical count) 30 units Peeke's recorded $17,000 in Sales Revenue. What is the cost assignment to Peeke's COGS (cost of goods sold) using FIFO (First In First Out)? A. $5500 B.$5800 C.$5695 D. $5650 QUESTION 13 Peeke Company uses the periodic method of accounting. Peeke Company has the following inventory information summarizing activity during November: Beginning Inventory 100 units @ $30.00 per unit Purchase #1 60 units @ $35.00 per unit Purchase #2 40 units @ $40.00 per unit Ending Inventory (physical count) | 30 units Peeke's recorded $17,000 in Sales Revenue. What is Peeke's cost of ending inventory using LIFO (Last In First Out)? A. $900 B. $5800 C. $1200 D. $1050 QUESTION 14 Peeke Company uses the periodic method of accounting. Peeke Company has the following inventory information summarizing activity during November: Beginning Inventory 100 units @ $30.00 per unit Purchase #1 60 units @ $35.00 per unit 40 units @ $40.00 per unit Purchase #2 Ending Inventory (physical count) 30 units Peeke's recorded $17,000 in Sales Revenue. What will Peeke report as gross margin for November assuming they use LIFO (Last In First Out)? A. $11500 B. $5800 C. $5500 D.$17000 OE. $11200 QUESTION 15 Pecke Company uses the periodic method of accounting, Peeke Company has the following inventory information summarizing activity during November: Beginning Inventory 100 units @ $30.00 per unit Purchase #1 60 units @ $35.00 per unit Purchase #2 40 units @ $40.00 per unit Ending Inventory (physical count) 30 units What is the COGAS (cost of good available for sale) for November? HINT: Remember, COGAS is sum of COGS and cost of ending inventory. This is the same regardless of if you are using FIFO, LIFO or Weighted Average, so you pick whichever one you'd like. It is the allocation of COGAS between COGS and El that varies depending on the method employed. A. $6700 B.$3800 C. $9000 D. $17000
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