ACCT 212 Week 5 Quiz
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$20.00
| Institution | ACCT 212 Financial Accounting |
| Contributor | Jessica Brown |
- Question: Which cost flow assumption generally results in the highest reported amount of net income in periods of rising inventory costs?
- Question: Which cost flow assumption must be used for financial reporting if it is also used for tax reporting?
- Question: Under a perpetual inventory system:
- Question: Dunbar sold 600 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate
calculations. Round your answer to the nearest dollar amount.)
(450 + 340) – 600 = 190 x $2.18 = $414
- Question: Dunbar sold 610 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimal places and final answer to the nearest dollar amount.)
Weighted-average cost = [(600 x $2.36) + (320 x $2.69)]/920
[(1,416) + (860.80)]/920
2.4748 x 310
$767
- Question: What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
- Question: Marvin sold 1,910 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
8. Question: A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:
9. Question: Anthony's average days in inventory is: (Round to the nearest whole day.)
Net Sale/Average Accounts Receivable = Receivable Turn Over Ratio
($138,000/$50,000) = 2.76
Average collection period = 365 days/Receivable Turn Over Ratio
(365/2.76) = 132.2 days
10. Question: Anthony's gross profit ratio is:
| Instituition / Term | |
| Term | Summer 2021 |
| Institution | ACCT 212 Financial Accounting |
| Contributor | Jessica Brown |
