1) A company just starting business made the following inventory transactions in August:
Using the LIFO inventory method how much is cost of goods sold for August using a perpetual inventory system?
2) A company just starting business made the following purchases in August:
A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system how much is the value of the ending inventory on August 31?
3) Which statement is true in a perpetual inventory system?
4) Inventory turnover is calculated by dividing cost of goods sold by
5) Net sales are $2000000 cost of goods sold is $960000 and average inventory is $30000. How many days sales are in inventory
6)The following information came from the income statement of the Wilkens Company at December 31 2017: sales revenue $1800000; beginning inventory $160000; ending inventory $240000; and gross profit $600000. What is Wilkens’ inventory turnover ratio for 2017?
7) Carlos Company had beginning inventory of $80000 ending inventory of $110000 cost of goods sold of $285000 and sales revenue of $475000. What is Carlos days in inventory?
8) In a period of falling prices which of the following methods will give the largest net income?
9) In a period of rising prices which inventory method will result in the greatest amount of income tax expense?
10) Which of the following is true of the FIFO inventory method?
The post Week 4 Questions appeared first on Essay Conect.
Hi there! Click one of our representatives below and we will get back to you as soon as possible.