# ACC 290 Week 4 Practice Quiz

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ACC 290 Week 4 Practice Quiz

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# ACC 290 Week 4 Practice Quiz

## Practice Question 50

A company just starting business made the following inventory transactions in August:

Purchase on August 1

300 units

\$1,560

Sale on August 8

200 units

3,400

Purchase on August 12

400 units

1,340

Sale on August 24

350 units

5,950

Using the LIFO inventory method, how much is cost of goods sold for August using a perpetual inventory system?

\$2,120

\$2,212.50

\$6,450

\$9,350

## Practice Question 49

August 1

300 units

\$1,560

August 12

400 units

2,340

August 24

400 units

2,520

August 30

300 units

1,980

1,400 units

\$8,400

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?

\$3,240

\$2,730

\$5,670

\$5,160

## Practice Question 48

Which statement is true in a perpetual inventory system?

A new average is computed under the average cost method after each sale.

Average costs are based entirely on unit-cost simple averages.

LIFO cost of goods sold will be the same as in a periodic inventory system.

FIFO cost of goods sold will be the same as in a periodic inventory system.

## Practice Question 43

Inventory turnover is calculated by dividing cost of goods sold by

average inventory.

beginning inventory.

365 days.

ending inventory.

## Practice Question 42

Net sales are \$2,000,000, cost of goods sold is \$960,000, and average inventory is \$30,000. How many days sales are in inventory?

2.6

12.2

11.4

66.7

## Practice Question 40

The following information came from the income statement of the Wilkens Company at December 31, 2017: sales revenue \$1,800,000; beginning inventory \$160,000; ending inventory \$240,000; and gross profit \$600,000. What is Wilkens’ inventory turnover ratio for 2017?

3.0 times

6.0 times

2.5 times

3.75 times

## Practice Question 39

Carlos Company had beginning inventory of \$80,000, ending inventory of \$110,000, cost of goods sold of \$285,000, and sales revenue of \$475,000. What is Carlos’ days in inventory?

84.5 days

73 days

121.7 days

102.5 days

## Practice Question 30

In a period of falling prices, which of the following methods will give the largest net income?

FIFO

Specific identification

Average-cost

LIFO

## Practice Question 28

In a period of rising prices which inventory method will result in the greatest amount of income tax expense?

Specific identification

FIFO

Average cost

LIFO

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