Which of the following are goals of a manager charged with overseeing inventory? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect) 2 Ensuring twentory quality meets the customers' expectations and company standards 2 Maintaining a sufficient quantity of inventory Minimize the cost of carrying inventory 2 Obtaining sales orders from customers so that goods can be sold soon after they are acquired Which of the following inventories are held and reported by a manufacturer? Work in process inventory Merchandise inventory Consignment inventory Merchandise inventory and consignment inventory Which of the following describe the ways in which the cost of inventory is reported? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 2 As a current asset ? As cost of goods sold As gross profit As sales revenue on the balance sheet on the income statement If a perpetual inventory method is used, what is "forced out using the cost of goods sold equation? Cost of ending inventory Cost of goods available for sale Cost of goods sold Knowledge Check 02 If a periodic inventory method is used, what is "forced out using the cost of goods sold equation? Cost of ending inventory Cost of goods available for sale Cost of goods sold What is the cost of goods available for sale allocated to? Beginning inventory and purchases Cost of goods sold reported on the income statement and ending inventory reported on the balance sheet Gross profit sold reported on the income statement and ending inventory reported on the balance sheet Net sales sold reported on the income statement and ending Inventory reported on the balance sheet Match the term and the definition 1. FIFO LIFO 3. Weighted Average 4. Specifio identification Individually identifies and records the cost of each item as cost of goods sold Assumes that the most recently purchased goods are the first ones sold Assumes that the costs of the first goods purchased are the costs of the first goods sold Uses the same calculated cost per unit to determine cost of goods sold and ending inventory Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. its beginning inventory was $3,900 and its ending inventory was $1,400. What was the amount of purchases made during the year? Purchases made during the year A company has inventory of 17 units at a cost of $11 each on May 1 On May 5, they purchased 11 units at $16 per unit on May 12, they purchased 18 units at $17 per unit. On May 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at May 15 after the sale? Value of the inventory at May 15 A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9 units at $28 each. On July 6 they purchased 5 units at $25 each On July 8.8 units were sold for $58 each Using the LIFO periodic Inventory method, what was the value of the inventory on July 8 after the sale? Value of the inventory on July 8 When costs are rising, which method would result in the largest amount of income tax expense? O FIFO LIFO Specific identification Weighted average cost Accounting rules require companies using FIFO to compare Inventory coat to Market value Market value Net realizable value Knowledge Check 02 Acc e s require.com i ng UFO 10 Door vertory cotto Nero Knowledge Check 03 Abouting t o weavage to con pane inventory costo At year-end. Waring Company determined that it should write down its inventory by $475. What account(s) will be included in the entry to write down the inventory? Cost of Goods Sold Inventory Inventory Write-Down 2 Loss on Inventory 3 Valuation Write-Down What is the term used to describe the process of buying and selling inventory? Cash-to-cash cycle Inventory management Inventory turnover Operating cycle Spree Company sold $769,300 of goods during the year at a cost of goods sold of $548,600. Inventory was $31.283 at the beginning of the year and $35,538 at the end of the year. What was the inventory turnover ratio for the year? (Do not round Intermediate calculations. Round your answer to 1 decimal place.) mentory turnover ratio Which of the following are goals of a manager charged with overseeing inventory? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect) 2 Ensuring twentory quality meets the customers' expectations and company standards 2 Maintaining a sufficient quantity of inventory Minimize the cost of carrying inventory 2 Obtaining sales orders from customers so that goods can be sold soon after they are acquired Which of the following inventories are held and reported by a manufacturer? Work in process inventory Merchandise inventory Consignment inventory Merchandise inventory and consignment inventory Which of the following describe the ways in which the cost of inventory is reported? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 2 As a current asset ? As cost of goods sold As gross profit As sales revenue on the balance sheet on the income statement If a perpetual inventory method is used, what is "forced out using the cost of goods sold equation? Cost of ending inventory Cost of goods available for sale Cost of goods sold Knowledge Check 02 If a periodic inventory method is used, what is "forced out using the cost of goods sold equation? Cost of ending inventory Cost of goods available for sale Cost of goods sold What is the cost of goods available for sale allocated to? Beginning inventory and purchases Cost of goods sold reported on the income statement and ending inventory reported on the balance sheet Gross profit sold reported on the income statement and ending inventory reported on the balance sheet Net sales sold reported on the income statement and ending Inventory reported on the balance sheet Match the term and the definition 1. FIFO LIFO 3. Weighted Average 4. Specifio identification Individually identifies and records the cost of each item as cost of goods sold Assumes that the most recently purchased goods are the first ones sold Assumes that the costs of the first goods purchased are the costs of the first goods sold Uses the same calculated cost per unit to determine cost of goods sold and ending inventory Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. its beginning inventory was $3,900 and its ending inventory was $1,400. What was the amount of purchases made during the year? Purchases made during the year A company has inventory of 17 units at a cost of $11 each on May 1 On May 5, they purchased 11 units at $16 per unit on May 12, they purchased 18 units at $17 per unit. On May 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at May 15 after the sale? Value of the inventory at May 15 A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9 units at $28 each. On July 6 they purchased 5 units at $25 each On July 8.8 units were sold for $58 each Using the LIFO periodic Inventory method, what was the value of the inventory on July 8 after the sale? Value of the inventory on July 8 When costs are rising, which method would result in the largest amount of income tax expense? O FIFO LIFO Specific identification Weighted average cost Accounting rules require companies using FIFO to compare Inventory coat to Market value Market value Net realizable value Knowledge Check 02 Acc e s require.com i ng UFO 10 Door vertory cotto Nero Knowledge Check 03 Abouting t o weavage to con pane inventory costo At year-end. Waring Company determined that it should write down its inventory by $475. What account(s) will be included in the entry to write down the inventory? Cost of Goods Sold Inventory Inventory Write-Down 2 Loss on Inventory 3 Valuation Write-Down What is the term used to describe the process of buying and selling inventory? Cash-to-cash cycle Inventory management Inventory turnover Operating cycle Spree Company sold $769,300 of goods during the year at a cost of goods sold of $548,600. Inventory was $31.283 at the beginning of the year and $35,538 at the end of the year. What was the inventory turnover ratio for the year? (Do not round Intermediate calculations. Round your answer to 1 decimal place.) mentory turnover ratio