Week 4 Questions

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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?

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