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Given the following data what is Cost of Goods Sold as determined by FIFO method?

Questions

  1. 3) Given the following data, what is Cost of Goods Sold as determined by FIFO mehthod? Sales 280 units Beginning inventory 260 units at $5 per unit Purchases 108 unit at $8 per unit A) $1,724 C) $1,400 B) $1,460 D) $2,240
  1. 4)The inventory turnover ratio: A) Will be lower for companies that have many low-priced items in their inventory. B) Should be high for a company that sells high-priced inventory items. C) Is determined by dividing cost of goods sold by net sales. D) Shows how many times the company sold its average level of inventory.
  2. 5)Minor Company purchased some land and it preparing the land for a new building . Which of the following costs should be included in the cost of the land by Minor Company? A) Cost of removing an old building B) Cost of clearing and grading the land C) Cost of 6 foot fence around property D) A and B
  3. 6)Which of the following should be included in the cost of equipment? A) Platform for the equipment B) Employee training costs for the use of the new equipment C) Testing costs to see if the equipment is working properly D) All of the above
  4. 7)Morgan Oaks Company replaced the windshields and painted several of its vehicles during the year. These costs should be: A) Debited to Equipment B) Depreciated over the life of the vehicles C) Credited to Accumulated Depreciation D) Debited to Repair Expenses
  5. 8)Double-Declining balance depreciation: A) Is based on the book value of the plant asset B) Is an accelerated method of depreciation C) Ignores the residual value in computing depreciation, except during the last year. D) All of the above
  6. 9) On January 2, 2015, Kaiman Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. What is the balance in Accumulated Depreciation on December 31, 2016, if kaiman Corporation uses the straight- line method of depreciation? A) $120,000 C) $30,000 B) B) $60,000 D) $112,000
  7. 10) Franco Company sold office furniture for $2,500 cash. The furniture cost $40,000 and had accumulated depreciation through the date of sale totaling $35,000. The company will recognize: A) A gain of $2,500 C) a loss of $2,500 B) A loss of 5,000 D) a gain of $5,000
  8. 11) All of the following are necessary to compute the future value of a single amount EXCEPT the : A) Number of periods C) interest rate B) Maturity value D) principal
  9. 12)Which of the following discount rates will produce the smallest present value of a single sum of money? A) 7% C) 6% B) 4% D) 9%
  10. 13) Failure to record an accrued liability for wages earned by employees causes a company to : A) Overstate assets. C) overstate liabilities B) Overstate stockholders equity D) understate net income
  11. 14)The accounting principle that requires a company to record warranty expense in the same period that it records sales revenue is the : A) Conservatism principle C) expense recognition principle B) Going concern principle D) consistency principle.
  12. 15)A bond with a face value of $100,000and a quote price of 105 has a selling price of : A) $110,000 C) $105,000 B) $100,000 D) $95,000
  13. 16)A bond was issued at a discount. The journal entry to record payment of this bond payable at a maturity will include a : A) Debit to Cash and a credit to Bonds Payable. B) Debit to Bond Payable, credit to Discount on Bonds Payable and a credit to Cash. C) Debit to Bonds Payable, debit to Discount on Bonds Payable and a credit to Cash. D) Debit to Bonds Payable and a credit to Cash.
  14. 17)Earnings per share is only computed for: A) Preferred stock C) common stock B) Preferred and common stock D) treasury stock
  15. 18) If a corporation issues %,000 shares of $5 par value common stock for $95,000, the journal entry would include a credit to : A) Common Stock for $70,000 B) Common Stock for $95,000 C) Paid in Capital in Excess of Par-Common for $95,000 D) Paid-in Capital in Excess of Par-Common for $70,000
  16. 19)Treasury stock accounts for the difference between the number of: A) Authorized shares and outstanding shares. B) Issued shares and preferred shares C) Outstanding shares and issued shares D) Issued shares and authorized shares
  17. 20)The authority to declare a divided lies with the : A) Chief Executive Officer B) Board of Directors C) President of the company D) Chief Financial Officer

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