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##### ACCT 212 Week 5 Quiz (Summer 2021)

1. Question: Which cost flow assumption generally results in the highest … amount of net income in periods of rising inventory costs?

2. Question: Which cost flow assumption must … for financial reporting if it is also used for tax reporting?

3. Question: Under a perpetual inventory system:

4. Question: Dunbar sold 600 units of inventory during the month. Ending inventory assuming LIFO would … : (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) (450 + 340) – 600 = 190 x \$2.18 = \$414

5. Question: Dunbar sold 610 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimal places and final answer to the nearest dollar amount.)

Weighted-average cost = [(600 x \$2.36) + (320 x \$2.69)]/920
[(1,416) + (860.80)]/920
2.4748 x 310
\$767

6. Question: What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

7. Question: Marvin sold 1,910 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

8. Question: A company’s sales equal \$60,000 and the cost of goods sold equals \$20,000. Its beginning inventory was \$1,600 and its ending inventory is \$2,400. The company’s inventory turnover ratio equals:

9. Question: Anthony’s average days in inventory is: (Round to the nearest whole day.)

Net Sale/Average Accounts Receivable = Receivable Turn Over Ratio
(\$138,000/\$50,000) = 2.76
Average collection period = 365 days/Receivable Turn Over Ratio
(365/2.76) = 132.2 days

10. Question: Anthony’s gross profit ratio is:

##### ACCT 212 Week 5 Quiz (Summer 2020)
1. Question: A company purchased inventory for \$900 per unit. The company later one unit of the inventory for cash of \$2,000. Under the perpetual inventory system, which accounts will … record the sale?
2. Question: The selling price of a television is \$1,300 and the cost to the retailer is \$525. What is the retailer’s gross profit from the sale of the television?
3. Question: Grogan Company purchases inventory on account with a cost of \$2,000 and a retail price of \$4,000. Grogan Company uses the perpetual inventory method. What journal entry is … on the purchase?
4. Question: On July 1, Corrao Company purchased \$1,600 of inventory on account with credit terms of 3/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5?
5. Question: A company has a beginning inventory of \$20,000 and purchases during the year \$80,000. The beginning inventory consisted of 1,000 units and 6,000 units were … during the year. The company has 5,000 units left at year-end. Under average cost, what is the Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)
6. Question: Given the following data, calculate the cost of goods sold using the average–cost method. Round average cost per unit calculations to two decimal places. The round the final answer to the nearest dollar.
7. Question: Tomasino’s inventory records show the following date January 31
8. Question: Thelen’s inventory records show the following date on January 31:

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