ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021.7 New)

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ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021.7 New)

A company had beginning inventory of 10 units at a cost of $20 each on March 1. On March 2, it purchased 10 units at $22 each. On March 6 it purchased 6 units at $25 each. On March 8, it sold 22 units for $54 each. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?

Multiple Choice

$450

$520

$470

$570

$490

Buffalo Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available:

•      The ending inventory balance of $412,000 did not include goods costing $48,000 that were purchased by Buffalo on December 28 and shipped FOB destination on that date. Buffalo did not receive the goods until January 2 of the following year.
•      The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000. The net realizable value of the damaged goods was $10,000.

Based on this information, the correct balance for ending inventory on December 31 is:

Multiple Choice

$422,000

$374,000

$384,000

$438,000

$460,000

All of the following statements related to goods on consignment are true except:

Multiple Choice

The consignor continues to own the consigned goods.

Goods on consignment are goods provided by the owner, call the consignor.

The consignor reports the goods in its inventory until sold.

A consignee sells goods for the owner.

The consignee reports the goods in its inventory until sold.

A company had the following purchases and sales during its first year of operations:

      Purchases       Sales

January:  10 units at $120     6 units

February:       20 units at $125     5 units

May:       15 units at $130     9 units

September:     12 units at $135     8 units

November:     10 units at $140     13 units

________________________________________

On December 31, there were 26 units remaining in ending inventory. Using the perpetual FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

Multiple Choice

$3,405.

$3,200.

$3,540.  

$3,365.

Physical counts of inventory:

Multiple Choice

Are not necessary under the perpetual system.

Are necessary to adjust the Inventory account to the actual inventory available.

Are not necessary under the cost-to benefit constraint.

Requires the use of hand-held portable computers.

Must be taken at least once a month.

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO.

DateActivitiesUnits Acquired at Cost   Units Sold at Retail

May 1     Beginning Inventory      150 units @ $10.00      

5     Purchase  220 units @ $12.00      

10    Sales            140 units @ $20.00

15    Purchase  100 units @ $13.00      

24    Sales            90 units @ $21.00

________________________________________

Multiple Choice

$2,980

$2,590

$5,440

$2,850

$2,460