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A company just starting business made the following inventory transactions in August: Purchase on August 1 300 units $1,560

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  1. A company just starting business made the following inventory transactions in August:

    Purchase on August 1

     

    300 units

     

    $1,560

    Sale on August 8

     

    200 units

     

    3,400

    Purchase on August 12

     

    400 units

     

    1,340

    Sale on August 24

     

    350 units

     

    5,950


    Using the LIFO inventory method, how much is cost of goods sold for August using a perpetual inventory system?

  2.  

    A company just starting business made the following purchases in August:

    August 1

     

    300 units

     

    $1,560

    August 12

     

    400 units

     

    2,340

    August 24

     

    400 units

     

    2,520

    August 30

     

    300 units

     

    1,980

     

     

    1,400 units

     

    $8,400


    A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31?

  3.  

    Which statement is true in a perpetual inventory system?

  4.  

    Inventory turnover is calculated by dividing cost of goods sold by

  5.  

    The following information came from the income statement of the Wilkens Company at December 31, 2017: sales revenue $1,800,000; beginning inventory $160,000; ending inventory $240,000; and gross profit $600,000. What is Wilkens' inventory turnover ratio for 2017?

  6.  

    Carlos Company had beginning inventory of $80,000, ending inventory of $110,000, cost of goods sold of $285,000, and sales revenue of $475,000. What is Carlos’ days in inventory?

  7.  

    In a period of falling prices, which of the following methods will give the largest net income?

  8.  

    In a period of rising prices which inventory method will result in the greatest amount of income tax expense?

  9.  

    Which of the following is true of the FIFO inventory method?

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