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Sophia Learning
UNIT 3 MILESTONE -3 ACCOUNTING
You passed this Milestone
1
Based on the information above, calculate the Cost of Goods Purchased.
·
$13,450
·
$9,475
·
$13,375
·
$9,550
CONCEPT
Expanded Income Statement
2
Which one of the businesses below would be best served by the periodic inventory method?
·
Restaurant
·
Fish market
·
Online mass consumer goods retailer
·
Construction equipment dealer
CONCEPT
Inventory Accounting Methods
3
Nora wants to reward customers who spent a minimum of $500 at her store each month over the last six months with a bottle of wine.
Where would she find this information she needs to identify these customers?
·
Purchases subsidiary ledger
·
Sales subsidiary ledger
·
Sales returns and allowance account
·
Purchases returns and allowances account
CONCEPT
Sales & Purchases Subsidiary Ledger
4
What is the Total Cost of Goods Sold, according to the information in this image?
·
$162,500
·
$162,850
·
$162,750
·
$163,100
CONCEPT
Expanded Income Statement
5
To determine goods available for sale, what is added to the total of the beginning inventory?
·
Cost of goods purchased
·
Purchase discounts
·
Sales returns and allowances
·
Net purchases
CONCEPT
Expanded Income Statement
6
Ed, the owner of of Ed's Electronics, purchased 35 DVD players at $12 each. He paid the invoice in full within 20 days, which reduced the price of each DVD player to $10.
Which of the following amounts would be recorded in the purchases account of Ed's Electronics?
·
$525
·
$420
·
$595
·
$350
[Solved] Capella University - BUS 3061 Sophia Learning Unit 3 Milestone Accounting
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