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# Capella University - BUS 3061 Sophia Learning Unit 3 Milestone Accounting

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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

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## [Solved] Capella University - BUS 3061 Sophia Learning Unit 3 Milestone Accounting

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• Submitted On 09 Nov, 2020 02:06:55
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 ...
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