Solution-What is Jones cost of goods sold under the FIFO

What is Jones cost of goods sold under the FIFO method

Reference no: EM132593993

Questions -

Q1. In a periodic inventory system, the cost of goods sold is determined by the following end-of-period computation: Beginning inventory + Purchases - Ending inventory = Cost of goods sold.

a. True

b. False

Q2. Jones Corporation had a beginning inventory of 300 units which it bought for $5 each. Jones bought 500 more units at $4 each on February 1st and 200 units more for $6 each on February 5th. On February 8th Jones sold 150 units. What is Jones' cost of goods sold under the FIFO method?

a. $600

b. $934

c. $900

d. $750

Q3. A catering business purchased a delivery truck for $30,000. The business expects to drive the truck 150,000 miles during the time that it owns the vehicle. After driving the truck 150,000 miles the business believes that there will be no salvage or residual value. If the business uses the "Units-of-Output Method" to depreciate its assets, what depreciation rate will it use to record depreciation of the delivery truck?

a. $0.20 per mile

b. $0.50 per mile

c. $5.00 per mile

d. None of the other 3 rates are correct.

Q4. "Factoring" occurs when a business sells some of its accounts receivable to another insitution so it can receive cash immediately instead of having to wait until the receivables can be collected.

True

False

Reference no: EM132593993

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What is Jones cost of goods sold under the FIFO method

Reference no: EM132593993

Reference no: EM132593993

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