The following information was available for Boyer Company on December 31, 2014:

Beg. Inventory $90,000

Ending Inventory $70,000

Cost of Goods Sold $880,000

Sale $1 Mil 200 K

Boyers inventory turnover in 2014 was?

• a.) 15.0 times
• b.) 11.0 times
• c.) 12.6 times
• d.)9.8times

Olympus Climbers Company have the following inventory data:

July 1 beg. inventory 20 units at $19 per unit total cost $380

July 7 purchase 70 units at $20 per unit total cost $1400

July 22 purchase 10 units at $22 per unit total cost $220

Overall total cost $2,000

Physical count of merchandise inventory on July 30 reveal that there are 32 units on hand. Using FIFO inventory method, the amount allocated to cost of goods sold for July is?

• a.) $620
• b.) $660
• c.) $1,340
• d.) $1,380

Trumpeting Trumpets has the following inventory data:

July 1 beg inventory 30 units at $120 per unit

July 5 purchases 180 units at $112 per unit

July 14 sales 120 units

July 21 purchases 90 units at $115 per unit

July 30 sales 84 units

Assuming a periodic inventory system is used which is the cost of goods sold on FIFO basis?

• a.) $10,992
• b.) $11,022
• c.) $23,088
• d.)$23,118

Which of the following is a true statement about the inventory system?

• a.) Periodic inventory system requires more detail inventory records
• b.) Perpetual inventory system requires more detail inventory records
• c.) A periodic system require cost of goods sold to be determine after each sale
• d.) Aperpetualsystemsdeterminecostofgoodssoldonlyattheendoftheaccountingperiod

Which of the following expression is incorrect?

• a.) Gross profit Operating Expense = Net Income
• b.) Sale Revenue COGS Operating Exp. = Net Income
• c.) Net income + Operating Expense = Gross Profit
• d.) Operating Exp. COGS = Gross Profit