question archive The following information was available for Boyer Company on December 31, 2014:Beg
The following information was available for Boyer Company on December 31, 2014:Beg
Subject:BusinessPrice: Bought3
The following information was available for Boyer Company on December 31, 2014:Beg. Inventory $90,000Ending Inventory $70,000Cost of Goods Sold $880,000Sale $1 Mil 200 KBoyer’s inventory turnover in 2014 was?a.) 15.0 timesb.) 11.0 timesc.) 12.6 timesd.) 9.8 timesOlympus Climbers Company have the following inventory data:July 1 beg. inventory 20 units at $19 per unit total cost $380July 7 purchase 70 units at $20 per unit total cost $1400July 22 purchase 10 units at $22 per unit total cost $220Overall total cost $2,000Physical count of merchandise inventory on July 30 reveal that there are 32 units on hand. Using FIFO inventory method, the amount allocated to cost of goods sold for July is?a.) $620b.) $660c.) $1,340d.) $1,380Trumpeting Trumpets has the following inventory data:July 1 beg inventory 30 units at $120 per unitJuly 5 purchases 180 units at $112 per unitJuly 14 sales 120 unitsJuly 21 purchases 90 units at $115 per unitJuly 30 sales 84 unitsAssuming a periodic inventory system is used which is the cost of goods sold on FIFO basis?a.) $10,992b.) $11,022c.) $23,088d.) $23,118Which of the following is a true statement about the inventory system?a.) Periodic inventory system requires more detail inventory recordsb.) Perpetual inventory system requires more detail inventory recordsc.) A periodic system require cost of goods sold to be determine after each saled.) A perpetual systems determine cost of goods sold only at the end of the accounting periodWhich of the following expression is incorrect?a.) Gross profit – Operating Expense = Net Incomeb.) Sale Revenue – COGS – Operating Exp. = Net Incomec.) Net income + Operating Expense = Gross Profitd.) Operating Exp. – COGS = Gross Profit
