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ACCOUNTING 100 -Milestone 3. 100% Correct Answers.

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ACCOUNTING 100: Milestone 3.1

Based on this information, which of the following is the Cost of Goods Purchased?

$27,500

$37,500

$15,500

$18,500

CONCEPT

Expanded Income Statement

Using the LIFO method and the information in this image, what is the Cost of Goods Sold during December?

$60,000

$105,000

$95,000

$80,000

CONCEPT

LIFO

Adam has 40 T-8 light fixtures that he purchased for $12 each and 240 T-5 light fixtures that he purchased for $16 each on the floor of his lighting supply store. He also has 80 T-8 fixtures and 120 T-5 fixtures in his warehouse.

What is the unit cost of the light fixtures if Adam implements the weighted average inventory valuation method?

$12.00

$13.00

$16.00

$15.00

CONCEPT

Weighted Average Method

Acme Furniture purchased 10 desks for $100 each and paid the invoice in full within 20 days, which reduced the price of each desk to $90.

Which of the following amounts would be recorded in the purchases account of Acme Furniture?

$100

$900

$1,000

$200

CONCEPT

Merchandising: Purchases, Sales, Discounts, Returns and Allowance

Given the information in the partial income statement below, what is the cost of goods sold?

$53,500

$68,000

$50,000

$45,500

CONCEPT

Expanded Income Statement

Given the information above, what is the Gross Profit?

$578,200

$445,500

$486,300

$419,200

CONCEPT

Merchandising Financial Statement Analysis

Which inventory method was used to calculate cost of goods sold, based on the information above?

Weighted average

Specific ID

LIFO

FIFO

CONCEPT

Inventory Cost Flow Assumptions

Brett agreed to the freight on board (FOB) destination method for an order of t-shirts that is ready to ship. The freight is in New York, at the port of distribution, to be delivered to Brett's clothing store in Pennsylvania.

Who owns the freight at the loading docks in New York?

Brett

The shipping company

The supplier

Brett's customer

CONCEPT

Merchandising

Which of the following statements descries periodic inventory?

Computerized calculation of goods sold updated in real time

Physical inventory count and calculation of goods sold updated in real time

Computerized calculation of goods sold done at the end of the period

Physical inventory count and calculation of goods sold done at the end of the period

CONCEPT

Inventory Accounting Methods