Get Best ACCT 550 Week 5 (Homework & Quiz)


Get the Best ACCT 550 Week 5 Homework and Quiz


ACCT 550 Week 5 Homework → Chapter 8: E8-3, P8-4 (Part A, B), Problem E9-1, P9-12 (Part A, B)

ACCT 550 Week 5 Quiz
  1. Question: In a period of rising prices, the inventory method which tends to give the highest reported COGS is
  2. Question: Bell Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand…….. What amount should Bell report as inventory at the end of the year?
  3. Question: ToysInc. determines the cost of its inventory using LIFO at $600,000……. 20% gross margin on selling price, determine the value of inventory that should be reported in the balance sheet.
  4. Question: Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, Chess Top made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 400 units during the month…… the month?
  5. Question: Estimates Co. earns a gross profit of 25% on its sales. In 2015, it had sales of $1,200, beginning inventory was $250 and during the year it made purchases of $800. The company uses periodic inventory and struggling with the amount of inventory on hand at the end of 2015. What should be the approximate inventory balance on Dec 31, 2015

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