Reference no: EM13567073

1.Given the following information, determine the cost of ending inventory at December 31 using the FIFO perpetual inventory method.

1. December 2: 5 units were purchased at $7 per unit.
2. December 9: 10 units were purchased at $9.40 per unit.
3. December 11: 12 units were sold at $35 per unit.
4. December 15: 20 units were purchased at $10.15 per unit.
5. December 22: 18 units were sold at $35 per unit.

• $51.75
• $94.00
• $50.75
• $83.22
• $41.30

2.Acme-Jones Corporation uses a FIFO perpetual inventory system.

1. August 2, 25 units were purchased at $12 per unit.
2. August 5, 10 units were purchased at $13 per unit.
3. August 15, 12 units were sold at $25 per unit.
4. August 18, 15 units were purchased at $14 per unit.

What was the amount of the ending inventory for the month of August?

• $492.57
• $510.00
• $300.00
• $496.00
• $486.00

3.Toys "R" Us had cost of goods sold of $9,421 million, ending inventory of $2,089 million and average inventory turnover of $1,965 million. Its days' sales in inventory equals:

1. 4.51
2. 76.1 days
3. 0.21
4. 4.79
5. 80.9 days
6. 6.
7. value:
8. 0.50 points

4.A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

1. $304
2. $288
3. $280
4. $276
5. $296

5.Given the following information, determine the cost of ending inventory at December 31 using the LIFO perpetual inventory method.

• December 2: 5 units were purchased at $7 per unit.
• December 9: 10 units were purchased at $9.40 per unit.
• December 11: 12 units were sold at $35 per unit.
• December 15: 20 units were purchased at $10.15 per unit.
• December 22: 18 units were sold at $35 per unit.

1. $50.75
2. $51.75
3. $94.00
4. $41.30
5. $83.22

6.A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, they purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold?

1. $124
2. $130
3. $140
4. $120
5. $128

8.Goods on consignment:

1. Are goods shipped by the owner to the consignee who sells the goods for the owner
2. Are always paid for by the consignee when they take possession of the goods
3. Are not reported in the consignor's inventory since they do not have possession of the inventory
4. Are goods shipped to the consignor who sells the goods for the owner
5. Are reported in the consignee's books as inventory

9.Alfred-David Corporation uses a weighted-average perpetual inventory system.

• August 2, 6 units were purchased at $11 per unit.
• August 18, 15 were purchased at $16 per unit.
• August 29, 14 units were sold.

What was the amount of the cost of goods sold for this sale? Round your final answer to the nearest whole dollar. Round your cost per unit to 2 decimal places.

1. $204
2. $306
3. $279
4. $214
5. $240