超星 - Assignment 6

单选题

When comparing the results of LIFO and FIFO when inventory costs are decreasing:

A. cost of goods sold will be the lowest using FIFO.
B. ending inventory will be the highest using FIFO.
C. cost of goods sold will be the highest using LIFO.
D. ending inventory will be the highest using LIFO.

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单选题

Marian Company has the following items for the month of July:Sales revenue$476,300Cost of goods sold$330,000Beginning inventory$67,400Endinginventory$78,200Inventoryturnoveris:

A. 3.96.
B. 4.22.
C. 4.53.
D. 4.90.

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单选题

OceanviewSoftwarebeganJanuarywith$3,200ofmerchandiseinventory.DuringJanuary,Oceanviewmadethefollowingentriesforitsinventorytransactions:Inventory6,400AccountsPayable6,400AccountsReceivable7,400SalesRevenue7,400CostofGoods5,400SoldInventory5,400HowmuchwasOceanviewsinventoryattheendofJanuary?

A. $5,200
B. $4,200
C. Zero
D. $4,700

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单选题

When does the cost of inventory become an expense?

A. When inventory is purchased from the supplier.
B. When cash is collected from the customer.
C. When payment is made to the supplier.
D. When inventory is delivered to a customer.

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单选题

In a period of decreasing prices,

A. Net income under LIFO will be higher than under FIFO.
B. Gross profit under FIFO will be higher than under LIFO.
C. LIFO inventory will be lower than FIFO inventory.
D. Cost of goods sold under LIFO will be more than under FIFO.

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单选题

The income statement for Feel Good Health Foods shows gross profit of $151,000, operating expenses of $126,000, and cost of goods sold of $215,000. What is the amount of net sales revenue?

A. $277,000
B. $492,000
C. $366,000
D. $341,000

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单选题

The sum of (a) ending inventory and (b) cost of goods sold is

A. beginning inventory.
B. goods available.
C. net purchases.
D. gross profit.

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单选题

Eleanor Barker Cosmetics ended the month of May with inventory of $25,000. Eleanor Barker expects to end June with inventory of $12,000 after cost of goods sold of $102,000. How much inventory must Eleanor Barker purchase during June in order to accomplish these results?

A. $89,000
B. $114,000
C. $115,000
D. Cannot be determined from the data given

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单选题

Foramerchandisingcompany:

A. thebalancesheetreportsthecostoftheinventorythatwasonhandatthebeginningoftheperiod.
B. theincomestatementreportsthecostoftheinventorysoldduringtheperiod.
C. endinginventorycanbeanassetoranexpense.
D. inventoryisgenerallynotasignificantfactorintheiroperations.

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单选题

Asmall________wouldmostlikelyuseaperpetualinventorysystem.

A. automobiledealership
B. fabricstore
C. restaurant
D. flowershop

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