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Question 1 of 20 5.0 Points The _________ method of inventory valuation uses the quantity times price equals cost concept of the basic business transaction. A. specific identification Question 2 of 20 5.0 Points The _________ method for determining the value of ending inventory closely resembles the way a company actually moves its physical inventory. B. FIFO Question 3 of 20 5.0 Points The _________ method uses the cost ratio to estimate the value of ending inventory. A. retail oints Since continuous inventory systems are not common, most businesses use a _________ system. B. periodic inventory Question 5 of 20 5.0 Points _________ is a method used to value inventory that assumes purchases made during the first part of the year will be sold first. D. FIFO Question 6 of 20 5.0 Points Goods that are owned by the business and held for resale are called: B. merchandise. Question 7 of 20 5.0 Points The _________ method employs the percentage of sales revenues to determine cost of goods sold and the estimated value of ending inventory. C. gross margin Question 8 of 20 5.0 Points Inventory may be valued at either the cost of the unit or at the current market value – whichever is lower. The name of this rule is the _________ method. C. lower of cost or market Question 9 of 20 5.0 Points Please use the following information to answer questions 9-10. Beginning Inventory 600 units @ $3.50 per unit Purchases: January 20th 1,200 units @ $4.00 per unit February 20th 1,500 units @ $3.76 per unit March 20th 1,000 units @ $3.80 per unit Ending Inventory 800 units Using the average cost method, what is ending inventory valued at? B. $3,040.00 Question 10 of 20 5.0 Points If the current market value of the good was $3.75 per unit on March 30 (when ending inventory for the quarter was recorded), and the lower-of-cost-or-market method is used, then the value of ending inventory: C. would decrease by $40. Question 11 of 20 5.0 Points Please use the following information to answer questions 11-13. A firm has the following inventory information for the first quarter: 01/01 Beginning Inventory 50 units @ $5 01/15 Purchases 80 units @ $5.50 02/15 Purchases 60 units @ $5.25 02/15 Purchases 40 units @ $5.75 Sales 170 units @ $10 Total operating expenses $500 What is ending inventory under FIFO? C. $335 Question 12 of 20 5.0 Points What is the cost of goods sold under FIFO? C. $900 5.0 Points What is net profit under LIFO? B. $270 Question 14 of 20 5.0 Points Please use the following information for questions 14-15. Mahalyk's Water Fun Shoppe specializes in jet skis. Mahalyk's inventory records showed the following for the past year. Purchase Date Number of Jet Skis Cost Per Jet Ski February 10 30 $4,000 May 12 80 $3,000 June 15 20 $3,500 July 20 15 $2,500 Use the LIFO method to determine Mahalyk's value of ending inventory at the end of July if they had 70 jet skis left in inventory. B. $240,000 Question 15 of 20 5.0 Points Use the FIFO method to determine Mahalyk's value of ending inventory at the end of July if they had 70.5 jet skis left in inventory. D. $212,500 Question 16 of 20 5.0 Points Estimate the cost of ending inventory based on the retail method using the following information: Cost Retail Beginning Inventory $ 600,000 $ 800,000 Purchases $ 450,000 $ 600,000 Net Sales $1,000,000 C. $300,000 Question 17 of 20 5.0 Points A firm has beginning inventory of $50,000 and purchases of $290,000 for an accounting period. Sales totaled $400,000, and typical gross margin as a percentage of sales has been 30%. Using the gross margin method, what is the estimated ending inventory? A. $60,000 5.0 Points Determine the cost ratio (retail method) for Twilight Games and Comics Store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000 (round to the nearest one-thousandth). C. 0.400 Question 19 of 20 5.0 Points Estimate the cost of ending inventory for August for Roman's Jewelry Store using the retail method on the following data: Cost Retail Beginning inventory for August $180,000 $288,000 Purchases during August $70,000 $112,000 Net sales during August $80,000 C. $200,000 Question 20 of 20 5.0 Points Herman's Confectionery Shoppe has a beginning inventory at cost of $22,000, and purchases at cost of $5,000 during the month of February. Retail sales for February were $8,000 and the gross margin for the month was assumed to be 45%. Estimate the value of ending inventory for February. C. $22,600
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