题目内容

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

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

When does the cost of inventory become an expense?

In a period of decreasing prices,

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?

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

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