Accounting > HESI > ACC4356 Sample Exam 2 Key at End (All)

ACC4356 Sample Exam 2 Key at End

Document Content and Description Below

1) The major issue in inventory accounting is: 1) A) determining whether to take inventory using cycle counts instead of counting all inventory only at the end of the year. B) deciding whether to ma... intain records on a periodic or perpetual basis. C) determining what goods to include in inventory. D) choosing the method for allocating goods available for sale to ending inventory and cost of goods sold. Topic: Allocate inventory and cost of goods sold 2) In an actual business, which of the following is an inventory accounting issue that frequently arises? 2) A) What items should be included in ending inventory?. B) What costs should be included in inventory purchases?. C) How should physical quantities in inventory be determined?. D) All of these answer choices are correct. Topic: Allocate inventory and cost of goods sold 3) The following information pertains to the Fan Company's inventory item B1008: March 1 Inventory Balance 400 units @ $ 3.10 5 Purchase 1,400 units @ $ 3.20 14 Purchase 280 units @ $ 3.25 31 Inventory Balance 520 units In a periodic inventory system, the LIFO cost of goods sold is: 3) A) $5,006. B) $4,993. C) $4,952. D) $4,967. Topic: Cost flow assumption—LIFO 1 4) The following information pertains to the Fan Company's inventory item B1008: March 1 Inventory Balance 400 units @ $ 3.10 5 Purchase 1,400 units @ $ 3.20 14 Purchase 280 units @ $ 3.25 31 Inventory Balance 520 units In a periodic inventory system, the ending LIFO inventory is: 4) A) $1,624. B) $1,678. C) $1,655. D) $1,733. Topic: Cost flow assumption—LIFO [Show More]

Last updated: 1 year ago

Preview 1 out of 46 pages

Add to cart

Instant download

document-preview

Buy this document to get the full access instantly

Instant Download Access after purchase

Add to cart

Instant download

Reviews( 0 )

$13.50

Add to cart

Instant download

Can't find what you want? Try our AI powered Search

OR

REQUEST DOCUMENT
68
0

Document information


Connected school, study & course


About the document


Uploaded On

Feb 02, 2021

Number of pages

46

Written in

Seller


seller-icon
GoldenA

Member since 3 years

39 Documents Sold


Additional information

This document has been written for:

Uploaded

Feb 02, 2021

Downloads

 0

Views

 68

Document Keyword Tags


$13.50
What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·