$15.99

ACC 304 WEEK 2 Quiz Multiple Choice Question 97 Winsor Co. records purchases at net amounts. On May 5 Winsor purchased merchandise on account, $40,000, terms 2/10, n/30. Winsor returned $3,000 of the May 5 purchase and received credit on account. At May 31 the balance had not been paid. By how much should the account payable be adjusted on May 31? $800 $0 $860 $740 Multiple Choice Question 36 During 2014 Carne Corporation transferred inventory to Nolan Corporation and agreed to repurchase the merchandise early in 2015. Nolan then used the inventory as collateral to borrow from Norwalk Bank, remitting the proceeds to Carne. In 2015 when Carne repurchased the inventory, Nolan used the proceeds to repay its bank loan. On whose books should the cost of the inventory appear at the December 31, 2014 balance sheet date? Norwalk Bank Nolan Corporation, with Carne making appropriate note disclosure of the transaction Carne Corporation Nolan Corporation Multiple Choice Question 112 Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 360 units that cost $65 each. During the month, the company made two purchases: 540 units at $68 each and 270 units at $70 each. Chess Top also sold 900 units during the month. Using the average cost method, what is the amount of ending inventory? $60,120. $18,900. $60,786. $18,236. Multiple Choice Question 51 Which of the following is correct? Selling costs are product costs. Interest costs for routine inventories are product costs. Manufacturing overhead costs are product costs. All of these answers are correct. Multiple Choice Question 85 Lawson Manufacturing Company has the following account balances at year end: Office supplies $ 4,000 Raw materials 27,000 Work-in-process 59,000 Finished goods 102,000 Prepaid insurance 6,000 What amount should Lawson report as inventories in its balance sheet? $188,000. $102,000. $192,000. $106,000. Multiple Choice Question 66 In a period of rising prices, the inventory method which tends to give the highest reported net income is last-in, first-out. first-in, first-out. weighted-average. base stock. Multiple Choice Question 100 Niles Co. has the following data related to an item of inventory: Inventory, March 1 200 units @ $2.10 Purchase, March 7 700 units @ $2.20 Purchase, March 16 140 units @ $2.25 Inventory, March 31 260 units The value assigned to ending inventory if Niles uses LIFO is $580. $546. $552. $584. Multiple Choice Question 101 Niles Co. has the following data related to an item of inventory: Inventory, March 1 200 units @ $2.10 Purchase, March 7 700 units @ $2.20 Purchase, March 16 140 units @ $2.25 Inventory, March 31 260 units The value assigned to cost of goods sold if Niles uses FIFO is $1,724. $1,696. $580. $552. Multiple Choice Question 117 Black Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2014 was $140,000. The balance in the same account at the end of 2015 is $210,000. Black’s Cost of Goods Sold account has a balance of $1,050,000 from sales transactions recorded during the year. What amount should Black report as Cost of Goods Sold in the 2015 income statement? $1,120,000. $1,260,000. $1,050,000. $980,000. Multiple Choice Question 31 When using a perpetual inventory system, no Purchases account is used. two entries are required to record a sale. a Cost of Goods Sold account is used. all of these answer choices are correct. Multiple Choice Question 74 In a period of falling prices, which inventory method g

ACC/304 ACC304 ACC 304 WEEK 2 Quiz

Reviews

There are no reviews yet.

Be the first to review “ACC/304 ACC304 ACC 304 WEEK 2 Quiz”

Your email address will not be published. Required fields are marked *