Which of the following entities is charged with the development and promulgation of financial accounting standards in the United States?

Select one:

a. GASB

b. SEC

c. FASB

d. IASB

Question 17

Not yet answered

Marked out of 10.00

Flag question

Question text

ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were as follows:

	Quantity	Price per pair
Beginning Inventory	10 pairs	$20.00	= $200
February 6 Purchase	4 pairs	$25.00	= $100
February 10 Purchase	5 pairs	$27.40	= $137
February 15 Sale	7 pairs	N/A

See information above. Using this information, determine ending inventory under the weighted-average method.

Select one:

a. $161

b. $276

c. $252

d. $297

Question 18

Not yet answered

Marked out of 10.00

Flag question

Question text

FFS Clothing Store sells socks. During January 2014, its inventory records for one particular brand of socks were as follows:

	Quantity	Price per pair
Beginning Inventory	6 pairs	$18	= $108
January 6 Purchase	3 pairs	$16	= $48
January 10 Sale	5 pairs	N/A
January 15 Purchase	8 pairs	$15	= $120
January 20 Sale	10 pairs	N/A
January 25 Purchase	4 pairs	$22	= $88

See information for FFS Clothing Store above. Using this information, perpetual FIFO cost of goods sold is

Select one:

a. $240

b. $242

c. $171

d. $246

Question 19

Not yet answered

Marked out of 10.00

Flag question

Question text

If at the end of 2016, ending inventory is overstated, the

Select one:

a. 2016 total assets are understated.

b. 2016 cost of goods sold is overstated.

c. 2016 net income is overstated.

d. 2017 income will be overstated.