financial accounting hw 90 minute time limit

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Financial Accounting HW – 90 minute time limit  

 

 

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Question 1
1 pts
The specific identification method and the FIFO method produce the same results under both the perpetual and periodic inventory systems.

 

 

 

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Question 2
1 pts
Supply-chain management helps companies maintain lower levels of inventory.

 

 

 

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Question 3
1 pts
Freight charges associated with the purchase of inventory normally are not included in inventory cost.

 

 

 

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Question 4
1 pts
Direct materials and direct labor are components of manufacturing overhead.

 

 

 

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Question 5
1 pts
The costs of an automated perpetual inventory system are considerable because they include the costs of automating the system, maintaining the system, and taking a physical inventory.

 

 

 

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Question 6
1 pts
An understatement of year 1’s beginning inventory will

 

 

 

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Question 7
1 pts
An understatement of ending inventory in one period results in

 

 

 

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Question 8
1 pts
Which of the following would normally be included in the inventory?

 

 

 

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Question 9
1 pts
Which costing method assumes that the cost of the first items acquired should be assigned to the first items sold?

 

 

 

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Question 10
1 pts
Inventory turnover is expressed in terms of

 

 

 

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Question 11
1 pts
Which of the following is an inventory valuation method?

 

 

 

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Question 12
1 pts
Which costing method is based on the reasoning that the fairest determination of income occurs if the current costs are matched against current sales prices?

 

 

 

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Question 13
1 pts
Which of the following is an inventory costing method?

 

 

 

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Question 14
1 pts
Which of the following costs usually would 
not be included in the inventory cost?

 

 

 

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Question 15
1 pts
Days’ inventory on hand equals 365 divided by

 

 

 

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Question 16
1 pts
Skip to question text.

Use this inventory information for the month of August to answer the following question.

 
  Aug.
1
  Beginning inventory 10 units @ $130
   
5
  Purchase 60 units @ $122
   
14
  Sale 40 units
   
21
  Purchase 30 units @ $126
   
31
  Sale 28 units
           

Assuming that a 
perpetual inventory system is used, what is ending inventory on a FIFO basis?

 

 

 

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Question 17
1 pts
Powell’s inventory turnover is 4.8. What is Powell’s day’s inventory on hand?

 

 

 

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Question 18
1 pts
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Use this information to answer the following question.

 
  Beginning inventory 100 units @ $8.00
  Purchase—Oct. 200 units @ $6.00
  Purchase—Dec. 100 units @ $12.00
     

A 
periodic inventory system is used; ending inventory is 150 units.

What is ending inventory under the average-cost method?

 

 

 

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Question 19
1 pts
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Use this inventory information for the month of March to answer the following question.

 
  March
1
  Beginning inventory 30 units @ $56
   
7
  Purchase 60 units @ $60
   
18
  Sale 25 units
   
22
  Purchase 10 units @ $66
   
29
  Sale 40 units
           

Assuming that a 
periodic inventory system is used, what is cost of goods sold on a FIFO basis?

 

 

 

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Question 20
1 pts
Average inventory equals $200,000, and cost of goods sold equals $442,000. Days’ inventory on hand equals

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