uestion 1
The factor which determines whether or not goods should be
included in a physical count of inventory is
legal title.
physical possession.
management’s judgment.
whether or not the purchase price has been paid.
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Question 2
Understating beginning inventory will understate
cost of goods sold.
owner’s equity.
assets.
net income.
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Question 3
Inventory is reported in the financial statements at
the higher-of-cost-or-market.
market.
the lower-of-cost-or-market.
cost.
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Question 4
Which of the following statements is correct with respect to
inventories?
It is generally good business management to sell the most
recently acquired goods first.
FIFO seldom coincides with the actual physical flow of
inventory.
The FIFO method assumes that the costs of the earliest goods
acquired are the last to be sold.
Under FIFO, the ending inventory is based on the latest
units purchased.
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Question 5
In a manufacturing business, inventory that is ready for
sale is called
work in process inventory.
finished goods inventory.
store supplies inventory.
raw materials inventory.
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Question 6
Eneri Company’s inventory records show the following data:
Units Unit Cost
Inventory January
1 10,000 $9.20
Purchases: June
18 9,000 8.00
November
8 6,000 7.00
A physical inventory on December 31 shows 4,000 units on
hand. Eneri sells the units for $13 each. The company has an effective tax rate
of 20%. Eneri uses the periodic inventory method. Under the LIFO method, cost
of goods sold is
$169,200.
$173,040.
$178,000.
$28,000.
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Question 7
Switzer, Inc. has 8 computers which have been part of the
inventory for over two years. Each computer cost $600 and originally retailed
for $900. At the statement date, each computer has a current replacement cost
of $400. How much loss should Switzer, Inc., record for the year?
$3,200.
$1,600.
$2,400.
$4,000.
________________________________________
Question 8
The following information was available for Pete Company at
December 31, 2014: beginning inventory $90,000; ending inventory $70,000; cost
of goods sold $984,000; and sales $1,350,000. PeteΓ’ΒΒs inventory turnover ratio
in 2014 was
16.9 times.
14.1 times.
12.3 times.
10.9 times.
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Question 9
A company purchased inventory as follows:
150 units at $5
350 units at $6
The average unit cost for inventory is
$5.70.
$6.00.
$5.00.
$5.50.
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Question 10
Netta Shutters has the following inventory information.
July 1 Inventory 30 units @ $8.00
8 Purchase 120 units @ $8.30
17 Purchase 60 units @ $8.40
25 Purchase 90 units @ $8.80
A physical count of merchandise inventory on November 30
reveals that there are 90 units on hand. Assume a periodic inventory system is
used. Ending inventory under FIFO is
$1,740.
$738.
$1,794.
$792.
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