ACC 291T Wk 2 - Apply: Connect Homework (2021.7 New)

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ACC 291T Wk 2 - Apply: Connect Homework (2021.7 New)

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

DateActivitiesUnits Acquired at Cost   Units Sold at Retail

May 1     Beginning Inventory      340 units @ $19    

5     Purchase  315 units @ $21    

10    Sales            235 units @ $29

15    Purchase  195 units @ $22    

24    Sales            185 units @ $30

________________________________________

Multiple Choice

$17,365

$8,140

$8,900

$8,360

$9,225

Hull Company reported the following income statement information for the current year:

Sales       $     411,000  

Cost of goods sold:             

Beginning inventory      $     133,500  

Cost of goods purchased      274,000  

Cost of goods available for sale          407,500  

Ending inventory        145,000  

Cost of goods sold       262,500  

Gross profit    $     148,500  

________________________________________

The beginning inventory balance is correct. However, the ending inventory figure was overstated by $21,000. Given this information, the correct gross profit would be:

Multiple Choice

$112,500.

$127,500.

$169,500.

$140,500.

$148,500.

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

DateActivitiesUnits Acquired at Cost   Units Sold at Retail

May 1     Beginning Inventory      330 units @ $18    

5     Purchase  310 units @ $20    

10    Sales            230 units @ $28

15    Purchase  190 units @ $21    

24    Sales            180 units @ $29

________________________________________

Multiple Choice

$12,060

$9,140

$5,908

$7,740

$5,510

On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:

Beginning inventory, January 1: $5,100

Net sales: $51,000

Net purchases: $52,000

The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:

Multiple Choice

$27,050.

$6,100.

$32,150.

$43,350.

$5,100.