How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask F. Naz Your Own Question

F. Naz
F. Naz, Chartered Accountant
Category: Homework
Satisfied Customers: 4086
Experience:  Experience with chartered accountancy
Type Your Homework Question Here...
F. Naz is online now
A new question is answered every 9 seconds

Accounting Multiple Choice Questions: 11 Determine the ending

Resolved Question:

Accounting Multiple Choice Questions:

11 Determine the ending inventory using the periodic inventory system and the LIFO inventory method:
a. $60
b. $146
c. $30
d. $56


12 Determine the ending inventory using the periodic inventory system and the average cost method:
a. $36.48
b. $56
c. $30
d. $104


13 Which of the following inventory methods is not practical unless each inventory unit can
be separately identified?
a. FIFO
b. Average
c. Specific
d. LIFO


14 The cost method that will show the highest taxable income during times of inflation is the
a. FIFO.
b. LIFO.
c. Average.
d. Specific.


15 The cost method that will yield an inventory that is closer to current prices is:
a. NIFO.
b. FIFO.
c. LIFO.
d. Average.


16 The cash, land, inventory, and accounts receivable are listed in the balance sheet. Which of the following is the correct order they should be found on the balance sheet?
a. Land, inventory, accounts receivable, cash
b. Cash, accounts receivable, inventory, land
c. Cash, inventory, accounts receivable, land
d. Inventory, accounts receivable, cash, land


17 During the taking of the physical inventory, the company inadvertently counted its inventory as $89,000 instead of the correct amount of $87,000. Indicate the effect of the misstatement on the balance sheet of the current year.
a. Assets are understated by $2,000
b. Stockholders' equity is understated by $2,000
c. Liabilities are overstated by $2,000
d. Stockholders' equity is overstated by $2,000.


18 During the taking of the physical inventory, the company inadvertently counted its inventory as $34,000 instead of the correct amount of $43,000. Indicate the effect of the misstatement on the balance sheet of the current year.
a. Assets are understated by $9,000
b. Assets are overstated by $9,000
c. Liabilities are overstated by $9,000
d. Stockholders' equity is overstated by $9,000


19 A business uses the retail method of inventory costing. The retail value of the inventory is $478,000. If the ratio of cost to retail price is 60%, what is the amount of inventory to be reported on the financial statements?
a. $286,800
b. $478,000
c. $192,200
d. cannot be determined.


20 Using the following cost data, estimate the cost of ending merchandise inventory.
a. $57,000
b. $125,000
c. $75,000
d. $123,000


21 An advantage of using the retail method of inventory costing is:
a. provides inventory figures for preparing monthly and quarterly financial statements when the periodic system is used.
b. that it may be used as an aid in taking a physical inventory.
c. that it will help identify inventory shortages
d. all are true


Questions 11,12,20 have pictures, please follow this link to get them:

http://www.mediafire.com/?7my772w8th1jedl,8z5cou798z6miqc,xj4x4kjsdh84m2k
Submitted: 2 years ago.
Category: Homework
Expert:  F. Naz replied 2 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
F. Naz, Chartered Accountant
Category: Homework
Satisfied Customers: 4086
Experience: Experience with chartered accountancy
F. Naz and 9 other Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4520
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3121
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3035
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

    Lani S.

    Tutor

    Satisfied Customers:

    2457
    Registered Nurse, Internet Researcher, Private Tutor
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2341
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1975
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1873
    Bachelors Degree and CPA with Accounting work experience